May 31, 2012
By Mish Schneider
Rallies met with selling do not bottoms make. On the other hand, after all the awful news this week, market continues to hold the last swing lows. And so May ends-indecisive with mixed internals. Tough trading yet great learning for those who apply rules and discipline along with a plan.
S&P 500 (SPY) The 65-weekly moving average is next at 129.35 level which also corresponds near the May 18th low.
Russell 2000 (IWM) Best case is that this tested and closed above the 200 DMA.
Dow (DIA) 122.35 next support unless it clears 124.70
NASDAQ 100 (QQQ) Held an exponential moving average again. Want to see it get back through 62.45 or 59.75 in the cards.
GLD December 2011 low and May 2012 low creating a possibility of a double bottom, but that has to prove itself out.
XLF (Financials) 13.70 last swing low and just beneath the 200 DMA which held. 14.23 the week high.
IBB (Biotechnology) 123 the 50 DMA-tested and holding so far
SMH (Semiconductors) Confirmed distribution phase unless can get back over the 200 DMA
XRT (Retail) Unless it clears Thursday high, looks heavy
IYR (Real Estate) 60.00 support to hold. Over today's high encouraging
USO (US Oil Fund) I am waiting for gas to get cheaper-this certainly has. Now oversold
XLE (Energy) Tested the 80 monthly so curious to see if finds some support down here
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