Out of the 3 indexes ETFs I cover in this week's Weekly Markets Analysis, $IWM is definitely the strongest. The ETF bounced from the support zone mentioned last week and rallied back into the broken trading channel. Near 125-126 it will meet the top of its trading channel and the PRZ of a bearish Crab Read more about this trading scenario and more in this...
$SPY disposition has not changed even with the failed o/n futs attempt to back test resistance Fri. Since the beginning of the year, I have seen the pace of distribution pick up. I am showing the average trade size of the SPY as a comment after a clean static chart under this post because it reveals professional intent. Until I see significant demand signals at...
IWM is able to close above red line and closed at an all time high ($122.61). RSI is holding its breakout. Bullish as long as pink supports hold.
Support line held well When march highs are broken, the cup & handle pattern goes into action, with a target of 133.
On the this week's Weekly Markets Analysis newsletter, I've mentioned that 120 is a crucial level in $IWM marketzone.tumblr.com Today, $IWM broke down back into previous resistance zone and closed below 120$. If the price will stay below that level, it could be a major bearish sign for the Russel. The only thing separates $IWM from falling apart right now is...
$IWM had a nice reversal over the last trading week, which I've i traded successfully (special alert letter was sent to the Elite Zone members - Become an Elite Zone member - www.themarketzone.net) Now $IWM is facing the same resistance it broke during February and it should act as support (if it wasn't a false break) 120$ is the crucial zone to monitor this...
As always, a work in progress. But I like looking at these charts. I've started to add notations on each chart such that my own interpretation is more clear. Again, the concept is to look for signs of rotation to safety. As such, we look at rotation out of small cap (risky) stocks into large cap stocks via IWM/SPY; rotation from growth into dividend (SPY/PFM);...
Looks like it may test 50 day MA and the red support line. We will take another look once this materialize. So far price is below 10 day MA, MACD turns negative and RSI is still healthy.
Average trade size picks up, #3 supply, then #2 supply all lead into 2015.03.02.Mon top (so far). Support is not holding, but the day isn't over. Support & Resistance levels are plotted.
We were expecting a decline which we did get but today's retracement from the morning low was somewhat deep making me suspicious my expected multi-weeks decline has started. Still possible but we would have to resume declining right out of the gate tomorrow morning. I think we need a choppy move that will lead to a another small upleg before some kind of top is at...
The advance we have since early February is getting tired with the bulls showing signs of fatigue everywhere. Using the etf IWM that mimics the Russell 2k, we see many signs of exhaustion: Oscillators are diverging, volume is lessening, the wavers can count 5 up but the most powerful sign is a rising wedge ( a diagonal triangle under the Elliot Wave Principle ) a...
Will have to wait until month end to get a read, but so far IWM is strong, breakout and outperformed. There is a chance the breakout is fake (as August 2008), MACD has not confirmed the breakout yet.
IWM has been stuck within a range in 2014 and it has to break out some time either up or down. Red arrows show the bearish case and the green arrows show the bullish case. So I would watch the red resistance and blue support very closely.
Watch for red support line which could be in play on Monday. Then the 200 DMA. As long as 200 DMA holds and not turns downward, we will have to assume it is still healthy.
Still can go either way, but once path is chosen, the move may be huge. So keep all eyes on the box and where RSI is heading in the coming months!