What Now? $SPY $IWM $QQQ

March 5, 2012

Mish's Daily

By Mish Schneider


After the 2 inside days, S&P 500 (SPY) broke the lows and closed just beneath the fast moving average, first time since January 31st. Certainly merits respect, but is only one layer of analysis. The phase remains bullish. There is support beneath current levels. Russells 2000 (IWM) gave warning last Friday and SPY followed in kind. The Bearish Engulfing pattern from last week is still in gear, which means trade cautiously from the long side. At the same time though, understand that going short is fading the trend.

NASDAQ (QQQ) Closed above the 10 DMA with the hold of 64.00, now an area to watch.

Russells 2000 (IWM) 79.00 the 50 DMA which for now is holding.

ETFs:

XLF (Financials) 14.85 now a good area to clear and 14.62 underlying support.

IBB (Biotechnology) 118.00 support to hold and back through 119.75 looks strong.

SMH (Semiconductors) Now the 50 DMA 33.00 to hold and back through 34.00 impressive.

IYT (Transportation) Went into an unconfirmed weak warning phase that will negate if crosses back over the 50 DMA.

IYR (Real Estate) Broke out from a wedge and now looking at the highs from 2011.

TBT (Ultrashort Lehman 20+ Year Treasuries) Long again as we continue to trade for a bottoming formation with 19.40 next hurdle.

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