July 26, 2011
Mish's Daily
By Mish Schneider
SPY Have not jumped in yet to buy the dip. A move over 133.45 especially if the volume comes in-today was extremely light, and this could still recover. Has more underlying support around 132.50.
QQQ 59.36 continues to hold. Underlying support at 58.50. Huge diversion now in QQQ versus the midcaps and S and P 500 stocks. Extremely light volume.
IWM Failed 83.10 the key support. Touched and held the 70 EMA. Now it either has to get back over 83, or 81 could be next.
Featured ETFS:
GLD Tested 157.80 and had a bullish engulfing pattern. Still very strong chart until it breaks 156.50.
SLV Closed above 39.80 with some resistance at 40, then up to 42. 38.60 area now support.
XRT Still in a range but if it holds above 54.75 and breaks 55.30-a good one to follow up
IBB Today certainly looked like a failure from the attempt at matching the all-time high. Broke the 50 day moving average and key support. Now above 106.85 reverses the downtrend. Otherwise see 105.20 area next support.
SMH Still has not filled the gap up to 34.03 although it came real close. If the gap is not filled soon, once it breaks the 200 DMA at 33.48 could be trouble.
IYR Held the fast moving average. Now, to confirm it held support, must clear 62.50, otherwise see more downside with support at 61.00
IYT 94.83 last swing low and support. If it clears 97.10 that would be a boost.
XLE Provided it holds 78.63, over the FTP at 79.19 could see a resumption of move up with target still 81.50 area.
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