November 14, 2011
Mish's Daily
By Mish Schneider
A couple of notable features today. First, the inside day in QQQ and DIA- not the major breadth of the market, but noteworthy nonetheless since GOOG and AMZN held well. Second, the volume- - lightest it's been in months. Finally, SPY and IWM which broke Friday's low- filled gaps from Thursday.
SPY: We don't typically use a simple moving average for indexes or ETFs, but it did hold the fast and a couple of longer term moving averages. 125.80 an area to pierce, 124 an area to hold.
IWM: Didn't feel the love today, but came back to close above Friday low. Over 74.10 encouraging otherwise 72.00 level next.
QQQ: Inside day. Over the weekend I wrote about the perturbing candle formation on the daily chart. It is possible a double top is forming with the 50 DMA a valid neckline if breaks. A close above 58.25 will make that less troubling.
ETFs:
GLD Inside day. 171.80 to hold. Over 175 like it to the highs.
XRT (Retail) Inside day.
XLK (Technology) Has to clear 26.24 and hold 25.50.
SMH* (Semiconductors) Second close over the 200 DMA.
XLF (Financials) Over 13.13 looks better under 12.65 not so much.
XLE (Energy) Looks like with some muscle will blast through the 200 DMA if it doesn't fail 69.00 first
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