December 19, 2012
Mish's Daily
By Mish Schneider
If there is any doubt that the stuff I write about day in and day out is worthwhile-i.e. phases, volume, price patterns, etc. or at the very least worth a follow, just note the improved phase changes, market internals and rotating sectors over the last couple of weeks, all of which we have clearly provided to you here and on twitter. Got the accumulation day in volume in the S&P 500 as resistance and possible digestion especially ahead of the holiday is pretty likely. And NASDAQ cooperated by going back above the 200 DMA.
S&P 500 (SPY)145.56 high from 10/19 now some resistance. 144.55 a good place to hold then back at 143.85
Russell 2000 (IWM) Friday's inside day was a gift once the highs were taken out on early strength on Monday with great follow through today. Digestion would not be surprising and perhaps a bit welcomed as risk now is high for new entries
Dow (DIA) 137 target with dips on this one, buy opportunities
NASDAQ 100 (QQQ) Unconfirmed phase change to accumulation. 66.30 area would be real strong sign if holds. The 200 DMA essential support.
ETFs:
GLD Some move to the 200 DMA-now typical action would be an inside day tomorrow to digest
XLF (Financials) All about 16.39 support now. Does seem we could see a move to 17.20 at some point.
IBB (Biotechnology) Don't see this as a big winner for 2013
SMH (Semiconductors) Over 33.30, 34.00 next stop
XRT (Retail) Broke a trendline but into some resistance so expect some digestion here
IYT (Transportation) I have been chanting "Transports, Transports" for a long time now. Now a bit overbought
IYR (Real Estate) Ran to the top of a channel on the close. Will look for this to back off so it can get some more of a running start. The end of day rally seemed forced.
GDX (Market Vectors Gold Miners) Under 45.22 could get more downside
XLE (Energy) Dips will be welcomed
TBT (Ultrashort Lehman 20+ Year Treasuries) The other chant of mine-the bond bubble is upon us.
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