August 15, 2011
Mish's Daily
By Mish Schneider
SPY On the 3 scenarios covered in Sunday's blog-this one worked-"If it comes in higher Monday, would be inclined to follow it to the upside in anticipation of more upside." And so it did, except on very light volume. It also closed above the weekly high from the "downgrade" week, but that is fairly meaningless unless there is a weekly close above that level. Now, provided it holds 119.00 could see more upside to 124.00. However, under 119, especially on a closing basis and we should see a retest to the 200 weekly moving average 155.55. The phase is Bearish.
DIA Still in its Distribution Phase. Now, as long as 113.15 area holds could see 118.00. Otherwise, back to test 108.
QQQ Close to the daily moving averages at 55-56 level now significant resistance. Under 53.50, see a retest of 52.50.
IWM Provided it holds 71.00 area, could see move to 77.75.
ETFs:
GLD Recommended the buy today over 170.75. Now resistance at 173.15 so would wait now for a new dip.
SLV “if gaps higher will follow it”. What I wrote Sunday and so we followed it today buying an opening range reversal. 36.29 now key support. Resistance at 41.19.
IBB Led today as expected. Now to stay strong must stay above 92.55.
SMH** Not quite an inside day. Has to clear 30.00 to stay strong. Otherwise, back under 29.67, will look vulnerable.
IYT Last week, this broke from a wedge and continued with follow through to the upside. Through 84.60 can continue to 88 area. But, under 83.44 also starts to look vulnerable. All major sector and groups has worked off its oversold condition and still have negative daily charts.
XLF Inside day. Above today's high and 13.22 would be compelling. However, under 13.00 would be careful on the long side and under today's low would look at the ultrashorts.
XRT Inside day. Similar to XLF, looks good over today's high.
FCG Gave the buy on this last Thursday at 18.55. Now, close to the 20.25 resistance level.
TLT**Second Inside day and barely holding the fast moving average. A break of today's low and will be looking for a new entry in TBT.
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