May 16, 2012
Mish's Daily
By Mish Schneider
Biggest clue Tuesday was that S&P 500 (SPY) could not clear previous day high. Nor could DIA or IWM. NASDAQ (QQQ) made a bold attempt with early strength from AMZN, GOOG in particular, but AAPL gave it up the last hour of the day, breaking last week's low. No phase change from warning, but certainly no sign of bottoming action either.
S&P 500 (SPY) 132.75 next support area against the exponential moving average as it continues in oversold territory
Dow (DIA) Really oversold daily RSI
NASDAQ 100 (QQQ) 63.23 is the low from March 6th when it left a DOJI island bottom. Could well gap under but with RSIs extremely oversold, would not look to short, rather, wait to see when signs of bottoming action emerge
GLD 148.27 last swing low 12/29/2011
XLF (Financials) 14.35ish the retracement to the weekly moving average
IBB (Biotechnology) Until it crosses 126.90, that area could wind up as triple tops
SMH (Semiconductors) if 32.15 holds-then might look here for strength above 33.00
XRT (Retail) Broke the bear flag and now looking at last week's low 58.57.
IYT (Transportation) 91.00 important and still holding-sort of amazingly
IYR (Real Estate) Gave up 63.00 although still in bullish phase. Now looking at the 50 DMA 62.29
OIH (Oil Services) Daily really, really oversold-this is not where I would go for shorts right now
TBT (Ultrashort Lehman 20+ Year Treasuries) Weekly RSIs very oversold
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