September 11, 2012
Mish's Daily
By Mish Schneider
Even lighter volume than Monday in the S&P 500 with the bounce in price. Plus, it posted an inside day trading range. AAPL dragged down NASDAQ ahead of the new iPhone release. Dow Jones (DIA) made a new high, but closed under the 133.16 level-or old 2012 high. And Russell 2000 (IWM) made a new high and closed on the intraday lows. There is havoc at these levels, which could mean market is churning at resistance. And of course, FED speak Thursday can either yield craps or a big score on the come line.
S&P 500 (SPY) 144.44 has to clear or Monday's action, in spite of the bounce Tuesday, will look ominous. Today was an inside day.
Russell 2000 (IWM) As mentioned, new high, closed on the intraday lows. Plus, still needs to get above 84.66, the 2012 high from March.
Dow (DIA) This made a new 2012 high then closed below the old high 133.16. The overall pattern though remains bullish.
NASDAQ 100 (QQQ) Broke the fast moving average at the end of the day mainly because of folks in AAPL evening up ahead of the product release.
ETFs:
GLD Has a gap to fill to 165.78 from last Thursday, which still looks possible to fill.
XLF (Financials) 15.71 now resistance this week with high numbers on the weekly RSI.
IBB (Biotechnology) 138.15 the fast moving average.
SMH (Semiconductors) Closed shy of the 200 DMA although traded above in the post market. Probably needs to clear 33 now or could see 32.25 the 50 DMA
XRT (Retail) After new yearly highs and closing on the intraday lows on Monday, Tuesday there was more correction. More weakness out of the gate and could see 62.20.
IYT (Transportation) Unconfirmed phase change back to accumulation.
USO (US Oil Fund) Under 35.00 and over 36.70 breaks the recent range one way or another
OIH (Oil Services) 41.75 recent high to clear. 40.50 the fast moving average
TBT (Ultrashort Lehman 20+ Year Treasuries) 16.20 gap to fill for new signs of a rally.
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