December 15, 2011
Mish's Daily
By Mish Schneider
Market going through a midlife something-I do not want to write the "C" word. Although, I am compelled to say SPY back in a Bear Phase.
SPY: 121.00 is the top of the candle from 11/29 before the gap higher on 11/30. Under 121.47 119 next support. Over 122.80 and the week at least, concludes positively.
QQQ: Inside day with 55.45 resistance. But I certainly would not rule out a rally as we end the week nor would I rule out a further drop to 54.00.
IWM: If the upwardly sloping 50 DMA, or 72.20 clears, encouraging. Otherwise, a confirmed bear phase with next support 69.00.
ETFs:
GLD At 149 would look for support in its oversold condition.
XRT (Retail) Closed on the 200 DMA and did not change the phase from bullish-so calling it best one to watch if market firms for buy opportunities.
XLF (Financials) A move over 12.80 will bring in buyers. A break of 12.45 and 12.25 will be touched quickly.
IYT (Transportation) has not been on my list in a while; but now see it as a bright spot provided it holds today's low.
SMH (Semiconductors) Would be an area to watch for trouble if fails 28.85.
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