Technical Observations 11/7/12

Some quick observations about the markets

$SPY
-found resistance at prior support ~143.75
-also location of 50 DMA
-prior support zone of 140.50-141 now likely resistance
-test of 200 DMA ~138.24 seems likely over next couple of weeks
-guilty til proven innocent

$QQQ
-could not overcome 20 day MA and high from last week ~6625
-back below 200 DMA of 65.32
-testing 61.8% retracement of June low to September high ~64.10
-now below year to date volume weighted average price ~64.62
-guilty til proven innocent

$IWM
-clear pattern of lower highs and lower lows
-fell short of last week high near 83.00
-80.75-81.00 likely new resistance
-testing 200 DMA of 80.59
-50% retracement of June lows to September high ~79.99
-year to date VWAP of 80.10 being tested
-guilty til proven innocent

$SMH
-back below declining 50 DMA
-trying to hold prior resistance of 31.40
-daily chart is turning more neutral but with declining 50DMA it cannot be trusted

click chart to enlarge

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