October 4, 2012
By Mish Schneider
Nice consolidation at these high levels ahead of the jobs report. (Expectations are for a rise to 8.2% from 8.1% so anything much worse or better will have an immediate impact.) All indexes over the fast moving average which means the range of the week has broken to the upside. Can the market reach the recent highs and then surpass them? See no reason why not. It's more of how much volume comes in and how much chop in between investors can take.
S&P 500 (SPY) Another Accumulation day. Unless the lows of today break, this looks real
Russell 2000 (IWM) Closed over the fast moving average on good volume. Next hurdle is 84.65 level then it should be off to the races.
NASDAQ 100 (QQQ) Closed over the fast moving average and like IWM, has to clear 69.60 to continue north
GLD New high close for the year. Watch SLV too
XLF (Financials) A hold of 16.00 very positive
SMH (Semiconductors) Holding my breath for 32.00
XRT (Retail) I write about following range breaks after inside days-here is why
IYR (Real Estate) Wouldn't say I'm worried about the weakness, but I will say that confidence when all domestic sectors are firing is easier
OIH (Oil Services) Accumulation phase unconfirmed and inside day
XLE (Energy) Long term I really like this over 76.50. For now, not the hot place to be.
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