May 17, 2012
Mish's Daily
By Mish Schneider
Friday Quote
As the market gave lots of warning signs that this was coming, so too will it tell us that the worst is behind us. With Russell 2000 (IWM) at the 200 DMA in a dramatic end of day drop, with RSI’s super oversold, I would not be surprised to see some relief on Friday.
S&P 500 (SPY) 129.35 the weekly moving average. Through today's high expect some upward movement
Russell 2000 (IWM) 200 DMA at 75.26 to be precise.
Dow (DIA) Never underestimate the power of following a range break after an inside day.
NASDAQ 100 (QQQ) Never seen such low daily RSIs. But back above 61.85 could see some relief
GLD Had to follow the gap higher today as this is what happens when an instrument is oversold-it screams "I'm ready." 154 resistance
XLF (Financials) 14.45 is the best number I see to penetrate for a more confident sign of reversal off of the lows
IBB (Biotechnology) Triple tops indeed. A weak unconfirmed warning phase-big clue if can hold here-or predictor of another leg down
SMH (Semiconductors) looking at the 200 DMA to hold possibly
XRT (Retail) Remember the bear flag I wrote about earlier this week?
IYT (Transportation) After it fell below 91.00, the short was obvious. 88.20 the 200 DMA
IYR (Real Estate) 59.64 April 10, 2012 low
USO (US Oil Fund) Thursday it held Wednesday's low and still oversold.
OIH (Oil Services) Equals the QQQ in most oversold daily RSI I have seen
XLE (Energy) At 62.50, I would have to be a buyer
TBT (Ultrashort Lehman 20+ Year Treasuries) Most oversold weekly RSI I have seen in quite some time
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