Whilst the main market is again back to churn mode for a few hours, lets take a quick look at the bigger picture, focusing on the Rus'2000 small cap index (via IWM etf).
IWM, daily, bearish H/S scenario
IWM, weekly
The daily cycle looks pretty good for a rollover. The weekly cycle looks like we've seen yet another failure to break/close over 83.00. Certainly, the 83.00 level is a great place for short-stops, for those with 'serious money'.
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Sp'60min update
Is the RS complete? I don't know, it won't be clear until after the fact of course, much like almost all technical analysis. In terms of the SP', a break <1394 would be a real sign that theory was maybe correct, but even then, we need to put in a number of consecutive intra-day lower highs - especially tomorrow.
IWM, daily, bearish H/S scenario
IWM, weekly
The daily cycle looks pretty good for a rollover. The weekly cycle looks like we've seen yet another failure to break/close over 83.00. Certainly, the 83.00 level is a great place for short-stops, for those with 'serious money'.
--
Sp'60min update
Is the RS complete? I don't know, it won't be clear until after the fact of course, much like almost all technical analysis. In terms of the SP', a break <1394 would be a real sign that theory was maybe correct, but even then, we need to put in a number of consecutive intra-day lower highs - especially tomorrow.
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