IWM – The Art Of Chart

Tag: IWM

No Improbability Drive

[vc_row][vc_column][vc_column_text]I was saying on Wednesday that the decent looking bullish setup was still there, but in the light of the Fed Chairman's candid comments about future policy over the last few days a significant drive higher was looking improbable. I was looking for a test of weekly pivot at 4007 and then a fail there...

The Dove That Didn’t Coo

[vc_row][vc_column][vc_column_text]I was writing about the very attractive looking bull flag setups on SPX, NDX and IWM that are setting up possible tests of the February highs. We saw the retracement that I was expecting then but SPX has broken back below the weekly pivot at 4007 on the press conference yesterday by the Fed Chairman....

A Cluster Of Flags

[vc_row][vc_column][vc_column_text]Support has been tested hard over the last couple of weeks on SPX, and the week before last there was a potentially interesting break below the 50 week moving average, currently at 4002, and then a test of the weekly middle band, now at 3960. Had SPX managed to close last week again below the...

Rallying From Major Support

[vc_row][vc_column][vc_column_text]We saw the breakdown on SPX that I was warning about on my last post, and so far SPX is finding support in the 4000 area, which is the obvious support level as there is an intersection of decent support levels here. There are hourly buy signals fixed overnight on all of the six equity...

Approaching The Low Retest

[vc_row][vc_column][vc_column_text]I was saying in my premarket video on Monday morning that ideally what we would see this week is a rally on Mon/Tues, and then another leg down on Wednesday through Monday next week in line with the very bearish historical stats for these four days. So far that has delivered well, with FOMC on...

The Downside Is Strong In This One

[vc_row][vc_column][vc_column_text]I was saying in my post on Monday that a fail at the test of the daily middle band generally happens in one of two ways. The first way is the usual test and fail, and the second is a break above that is rejected the next day. Obviously SPX took the second option and...

Halfway Between The Gutter And The Stars

[vc_row][vc_column][vc_column_text]SPX rallied further on Friday to test the monthly pivot at 4078, and has been trading above it overnight. A string of decent quality double bottoms have broken up on the equity indices and if we are to see further upside then the next big resistance on SPX is at the daily middle band which...

Still Testing 3900

[vc_row][vc_column][vc_column_text]The rally from the first backtest of 3900 was over too fast to set up any possible possible divergence on the daily RSIs. That means that there are no possible daily RSI buy signals brewing on the US equity indices, and that is a strike in favor of the bears. The inflection point here remains...

Testing 3900

[vc_row][vc_column][vc_column_text]The H&S patterns from the rally highs that I was looking at a week ago all made their target areas yesterday and SPX is now testing important support at 3900. This area was significant on the way up in early 2021, and was then key support in May, resistance in June, and was broken as...

Rolling Over

[vc_row][vc_column][vc_column_text]SPX has reached a peak of 9.57% over the 45dma on this run. That's likely to be the highest reading as the 45dma is now rising significantly every day, and has risen 40 handles this week. We should now see a retracement that reaches at least close to the 45dma, now at 3971, and may...