September 20, 2012
By Mish Schneider
All week I called for a correction and test of the fast moving averages. Although not all indexes hit the mark perfectly, Russell 2000 (IWM) and S&P 500 (SPY) did. Now, will the bull market resume? Good question for Siri.
S&P 500 (SPY) Second accumulation day of volume in a row with a good strong finish. Watch Thursday high as point to cross.
Russell 2000 (IWM) Filled the gap from yesterday's low after the weak opening. Now, has to get back above Thursday's lows.
NASDAQ 100 (QQQ) Could not make it down to the fast moving average which could mean has more to go or that this is strong enough that sideways action is the correction
GLD Nearly touched the fast moving average and still looking fine
XLF (Financials) A gap higher would be compelling. Otherwise, has to hold around 15.90
IBB (Biotechnology) Inside day
SMH (Semiconductors) Unconfirmed phase change to distribution. Looking to see if can turn around and clear today's high and the 50DMA
XRT (Retail) Second test of the 10 DMA. Like to see Thursday's high clear
IYR (Real Estate) Actually oversold and tested near the 50 DMA.
USO (US Oil Fund) After big decline, inside day
OIH (Oil Services) Closed right at Thursday's low, which is encouraging if opens better or at least unchanged
XLE (Energy) Like this today and tweeted as such.
TBT (Ultrashort Lehman 20+ Year Treasuries) TLT-today's low is important or could see TBT run again.
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