September 11, 2013
Mish's Daily
By Mish Schneider
The index that went up the most during Tuesday’s satisfying session percentagewise is DIA or the Dow Industrials. I begin with this factoid as A) DIA has been the laggard B) Even with the move up today, it remains the sole index in a warning phase. The Russell 2000s, S&P 500 and NASDAQ (first to get there) all reached the Promised Land already. SPY and IWM now have 2013 highs made in early August to contend with while the QQQs made yet another new 2013 high on Tuesday. Why is the DIA in a warning phase possibly significant? Mainly because as the others are already rich on the daily relative strength indicators, the move to the 50 DMA or even more importantly, its failure to get there, could be a sign to protect longs and begin to look for other opportunities that hedge a very long positioned portfolio.
S&P 500 (SPY) Going to say that 168.26, Tuesday’s gap low is important to hold. Otherwise, we are looking at the 2013 high as resistance
Russell 2000 (IWM) 105.63 is the 2013 high.
Dow (DIA) 152.30 is the 50 DMA to clear-or not
Nasdaq (QQQ) Leading still!
ETFs:
XLF (Financials) Unconfirmed phase change to bullish. Has to confirm by holding the 50 DMA
SMH (Semiconductors) 39.72 the 2013 high to clear for sustained rally
XRT (Retail) Unconfirmed phase change to bullish. Has to confirm by holding the 50 DMA
IYT (Transportation) Confirmed bullish phase-2013 highs next hurdle
IBB (Biotechnology) On new highs.
IYR (Real Estate) Through today’s high should resume its bottoming formation. Otherwise, 62.65 support to hold
XHB (Homebuilders) Intersting doji day on a confirmed bullish phase change
GLDResuming its negative phase? Still want to see 130 and what happens there first
USO (US Oil Fund)Topping action with the 50 DMA support close by
OIH (Oil Services)New multiyear high!
XLE (Energy) Still waiting for it to clear 84.00
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