October 18, 2012
Mish's Daily
By Mish Schneider
Wednesday night I wrote that earnings season adds to the fun-oh yea, like anyone holding GOOG today would agree with that! Otherwise, not much changed-semiconductors remain under pressure and homebuilders, financials, oil services firm. Transports and retail digested, rates continue to run and real estate climbed back to unconfirmed bullish. However, that somehow sounds better than what I am seeing as far as the market internals short-term suggest.
S&P 500 (SPY) 144.70 the fast moving average support, although note it is declining in slope with a distribution day in volume in a bullish phase.
Russell 2000 (IWM) 82.88 is the 50 DMA to hold after today's inside day. 84.15 the high for the last 2 days.
Dow (DIA) Distribution day in volume with short-term internals, like everywhere weakening
NASDAQ 100 (QQQ) Weak warning phase with distribution in volume.
ETFs:
GLD 170 the elusive number for the bulls.
XLF (Financials) 16.44 the 2012 high, but with a weakening market, might have to see another test of 16.00 first
SMH (Semiconductors) 2 inside days within the bear phase-pretty darn important
XRT (Retail) Would like to see it hold 63.00, then we are back looking at the 50 DMA.
IYT (Transportation) Failed the 200 DMA which means some consolidation above the 50 DMA not such a bad thing.
IYR (Real Estate) Crossed the 50 DMA. 65.40 is important to clear especially since the return to bullish is unconfirmed without a second close above the 50 DMA.
USO (US Oil Fund) Opened weak, then rallied back to resistance.
OIH (Oil Services) 41.75 decent resistance. Today's low the 50 DMA.
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