July 24, 2012
Mish's Daily
By Mish Schneider
Another big burst of volume in S&P 500 on a red day making this now the third distribution day in a week. But, oh what a tease, after testing the 50 DMA, closing right above it-just to keep us all interested. Late day earnings mixed and late day rumors of QE3 both add to the uncertainty.
S&P 500 (SPY) Bearish engulfing candle on big volume in a hanging on by a thread bull phase getting a bit oversold-piece of cake!
Russell 2000 (IWM) 77.34 puts this back over the 200 DMA with an oversold RSI.
Dow (DIA) Unconfirmed warning phase whilst it held the 200 DMA.
NASDAQ 100 (QQQ) Same here with distribution day in volume and barely hanging onto the 50 DMA. With AAPL's poor earnings, afraid will have to sit this out now unless a miracle happens and it gaps above Tuesday's high.
ETFs:
GLD 152-154 recent range-looks like it might be ready to go higher should this level clear.
XLF (Financials) 14.11 the 200 DMA
IBB (Biotechnology) Looking more like July might close out under 130, as a key reversal to its beautiful uptrend
SMH (Semiconductors) Closed under 30.50 which means lower likely.
XRT (Retail) Subs: 58.43 R1 with support at today's lows
IYR (Real Estate) 63.67 the 7/12 still holding
USO (US Oil Fund) Inside day and an outperformer of the market. Will watch the way the range breaks
XLE (Energy) Remember I wrote that a run to 69.00 would be a great short opportunity? Issue was, the gap yesterday made that a difficult entry.
For more detailed analysis join me, along with hundreds of other subscribers, at Mish's Market Minute and get my daily trade picks, trade alerts, training videos, and exclusive analysis tools. Sign up for Mish's Market Minute now and get a free 2 week trial!
Every day you'll be prepared to trade with:
