July 9, 2012
Mish's Daily
By Mish Schneider
Week begins with a low volume snooze fest, but I am happy about that. Why? Because it makes the correction in a bull phase scenario more likely and gives traders plenty of time to look for confirmation. Plus, NASDAQ had an inside day which means price confirmation depending upon which way the range of the day breaks on Tuesday.
S&P 500 (SPY) Held the fast moving average and closed above Friday's low-2 important support areas. Downside support 134, through 135.70 looks better
Russell 2000 (IWM) 79.10 the fast moving average support below and through 80.57 relief
Dow (DIA) After testing the 50 DMA, closed above Friday low. Weakest looking but not a complete disaster
NASDAQ 100 (QQQ) Friday's low 64.12 relevant and today's high also relevant.
ETFs:
GLD Closed above 154 but very lackluster. Also confirmed back into a bearish phase
XLF (Financials) Looks heavier for sure, but if can firm above 14.52 that will be encouraging
IBB (Biotechnology) second inside day in 3 days.
SMH (Semiconductors) Question now is will this be a third low higher than the last 2 swing lows? Only if it holds over 30.50
XRT (Retail) Has room to 58.90 and could get there as the candle is a bearish engulfing pattern
IYT (Transportation) Good sideways action for now
IYR (Real Estate) Good action continues
OIH (Oil Services) Over 36.50 looks interesting
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