August 30, 2011
Mish's Daily
By Mish Schneider
SPY Technically, the closing price during NY hours was positive and the volume posted an Accumulation day although still under the daily average. In the eminis 1200 now pivotal. Since the McClellan entered overbought territory, possible to see a break of 120 and then a test 118.50. But the question now is whether or not that will be a test of support or the end of the rally?
DIA 115.00 is a pivotal point. A break of today's low and next support 113.00. Above today's high and could see a test of the overhead moving averages at 118.50.
QQQ Perfect move up to the 50 weekly moving average. Now, 53.60 is critical support. Like SPY in overbought territory. Would continue to raise stops on the longs in AMZN AAPL BIDU GMCR, etc. And, would probably not look to put on any new longs until after the holiday if everything holds support levels.
IWM A break of 71.50, will look for 70.25 level.
ETFs:
GLD Contrary to what I read on twitter, this is not overbought. Yesterday's inside day followed with a gap higher and a great Opening Range breakout. 176 is the new line in the sand to hold on new longs. 182.50 some interim resistance and 184.82 all time high.
SLV Closed above the fast moving average but now must clear 40.45 especially on a closing basis. Some resistance 41.19 then 42.00 area
USO Held yesterday's low and reached target 34.65 (today's high 34.63) Through today's high next resistance 35.20. Otherwise, a failure to get through today's high and a break of 33.90 and could see quick drop to 33.00.
SMH Has positive pivots, but could not clear the adaptive moving average. Unless it takes out the highs this week, could see a drop to 28.50.
IBB Ran to the 50 weekly moving average. 94.00 now support to hold.
XRT Closed over the 50 weekly moving average. If that holds next resistance at the 200 DMA at 49.92.
XLF High again today 13.32. Last week's high 13.33. Through there could see a big move to 15.50 area. 13.00 now the support to hold.
TLT Closed well but not through the fast moving average at 108.78. Had an inside day so watch the way the range breaks to follow.
NOTE: I will be on vacation until September 12th. No Mish's Daily until then. Trade well!
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