September 27, 2012
Mish's Daily
By Mish Schneider
And right on cue, a rally to resistance as none of the indexes were able to test or clear the fast moving averages. But certainly, in the face of some anemic economic numbers, they did indeed bounce off the lows-and, worked off oversold conditions. In the spirit of a trading range established, could see a higher open. What happens at the fast moving averages remains to be seen. Best guess, they stay resistance areas as this week, month ends. Phase bullish.
S&P 500 (SPY) Today's rally did not come with an accumulation in volume. 145.75 overhead resistance and 144 support.
Russell 2000 (IWM) 85.00 fast moving average resistance 83.50 support to hold.
Dow (DIA) 134.25 now support. 135.25 resistance
NASDAQ 100 (QQQ) 68.90 support and 69.75 next resistance
ETFs:
GLD 173.18 recent high which if clears will bring it back to 2012 high 174
XLF (Financials) 15.71 level pivotal
IBB (Biotechnology) Inside day. With 1 day left to the month, should hold well above the close of last month and keep that trend intact.
SMH (Semiconductors) Got the relief rally. 32.10 next point to clear to keep this going
USO (US Oil Fund) Possible little island bottom
OIH (Oil Services) Back above the 50 DMA.
Back to unconfirmed recovery phase.
Every day you'll be prepared to trade with:
