Summer Dreams, Ripped at the Seams $SPY $QQQ $IWM

August 2, 2012

Mish's Daily

By Mish Schneider

We got through the FED, now the EU-that leaves US unemployment numbers and then perhaps we can more clearly determine whether the last 4 down days are the end of summer fun, or another buy opportunity.

S&P 500 (SPY) Third distribution day in volume. Also, a doji on the fast moving average. 135.26 key support now-the gap low from 7/26.

Russell 2000 (IWM) 76.22 (7/24) last swing low. Back over 77.30 better and through 77.70 follow

Dow (DIA) Dropped to 127.50 before recovering back to close above the fast moving average. Best sign that all is not lost.

NASDAQ 100 (QQQ) 64.00 held amazingly well as did the fast moving average.

ETFs:

XLF (Financials) 14.30 the 50 DMA to hold

XRT (Retail) 57.00 area now needs to hold

IYT (Transportation) 87.76 last swing low now important level to hold

IYR (Real Estate) Continues to be most attractive as it held the fast moving average

OIH (Oil Services) Now, 39.60-80 has to clear

XLE (Energy) Must now clear Thursday’s high

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