February 22, 2012
Mish's Daily
By Mish Schneider
The phase in all indexes remains bullish. The trading action suggests this is a classic time correction as once again, beaucoup uninteresting.
S&P 500 (SPY) 135.50 the 10 DMA.
NASDAQ (QQQ) First time it has negative midpoint pivots since the nasty bear candle high volume day last week. If breaks 63.15, especially in the leaders, will be the catalyst for a more price based correction. Of course above recent highs, never mind.
Russells 2000 (IWM) The number here is 81.00. Been a wall of support thus far. A break looks like the 50 DMA at 77.25 inevitable. A hold is a good sign.
ETFs:
GLD Great follow through. Trail up those stops.
XLF (Financials) Doesn't feel like quite like a failure of the 200 weekly since volume is light. 14.70 now pivotal with 14.38 support.
IBB (Biotechnology) Through 117.30 may be good back to test the 10 DMA 119.50. Under 116.50, 111.25 the 50 DMA next level of support
SMH (Semiconductors) Still holding last week's low (34.10)
IYT (Transportation) At 91.00 area, especially if then oversold, will look at it again. Hard to get too excited about the market if this continues under pressure.
IYR (Real Estate) Getting oversold. 59.25 next support. Then the 50 DMA.
MOO (Market Vectors-Agribusiness) Like to see 52.75 hold.
TBT (Ultrashort 20+ Year Treasury Bonds) Our stop was under S2 and even though the island bottom is still in place, we are aside once again.
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