August 6, 2012
Mish's Daily
By Mish Schneider
Low volume reigned while the market continued its ascent. Could be ominous, could be just summer doldrums, could be lack of any real news. It was a good Monday start though, so best not to read into anything just yet.
S&P 500 (SPY) 139.34 support with Friday's low more important to defend from here.
Russell 2000 (IWM) 80.00 remains a point to clear with 77.75 point to hold
Dow (DIA) Filled old gap from last May and closed under on low volume.
NASDAQ 100 (QQQ) Also filled a gap from May and closed beneath. RSIs getting up there-and super low volume
ETFs:
GLD Back to its recent recovery phase.
XLF (Financials) Defending 14.85 now but has to clear 15.00 next
IBB (Biotechnology) Inside day and on the fast moving average.
SMH (Semiconductors) Confirmed accumulation phase with 32.40 level key support
XRT (Retail) Want to see what happens now at 59.50 since it could not stay above 60.
IYT (Transportation) Sobering for sure. Could not get back above the 200 DMA.
IYR (Real Estate) 66.21 recent highs remains resistance until it clears
OIH (Oil Services) It's all about the 200 DMA support holding
XLE (Energy) 69.40 key support. 70.00 closer near-term support as the gap low from last Friday
TBT (Ultrashort Lehman 20+ Year Treasuries) Needs to clear the 50 DMA.
Every day you'll be prepared to trade with: