December 5, 2011
Mish's Daily
By Mish Schneider
But wait... bank intervention followed by a review for a downgrade in Europe? New intraday highs followed by new intraday lows. Feeling your strings pulled? S & P 500 dropped her handkerchief in front of the 200 DMA; then when traders bent down to pick it up, she bailed. But, SPY volume was better than Friday's thereby managing an accumulation day.
SPY: 4-day trendline on the intraday chart breaks under today's low. Then can see 123.25. Otherwise, daily RSI approaching overbought but not there yet, with the 200 DMA at 126.65, which it needs to close above.
QQQ: Accumulation day in volume. 4-day trendline on the intraday chart breaks under today's low. But dips right now, look like buy opportunities.
IWM: Under 74.00 I wouldn't say the party is over, but more than likely more correction follows. At least it put in its 3rd accumulation day in volume in 2 weeks. The 200 DMA is in line with the highs from the end of October's swing high. Only issue in buying strength is the overbought situation on the daily that accompanies the rallies now.
ETFs:
GLD Goodbye gap. But, the 50 DMA is beneath with now an upward slope keeping this in a bull phase with the test of 167, the area where it popped from.
SLV (Silver) Good follow through on the short side after Friday's negative action.
XRT (Retail) Overbought on daily RSI, not weekly or monthly. A correction would be a relief.
SMH* (Semiconductors) Closed over the weekly moving average but not the 200 DMA. Plus had a doji day.
XLF (Financials) Unless this gaps under 12.90, see dips as buy opportunities with next overhead resistance at 13.48
XLE (Energy) Even more sideways action off the 200 DMA. But also 3 days of higher intraday highs then closing on the intraday lows.
IBB (Biotechnology) Last 2 trading session, two tops at 103.36 and 103.38.
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