In your code you have
parent="android:Theme.Light
Notice the change in my code
parent="@android:style/Theme.Holo.Light"
Also notice <item name="android:actionBarStyle"
<item name="android:actionBarStyle">@style/MyActionBar</item> // for action bar only
Instead you had
<item name="android:background">@color/SmugeBlue</item> // so it changes background for entire screen
Have the below in respective res/values/styles.xml
<style name="MyTheme" parent="@android:style/Theme.Holo.Light">
<item name="android:actionBarStyle">@style/MyActionBar</item>
</style>
<style name="MyActionBar" parent="@android:style/Widget.Holo.Light.ActionBar">
<item name="android:background">#FF9D21</item> // change to blue color
</style>
and in manifest
android:theme="@style/MyTheme"
You can see a example with snapshot although the question answered about overflow menu icon it does show that the actionbar color is changed
Change action bar overflow icon
For further styling
https://developer.android.com/training/basics/actionbar/styling.html