The Rus'2000 index is having a strong day..leading the way once again.
IWM..daily
The bears have two clear lines to defend.
1. The 10MA at 81.50 - which we'll probably test Friday or Monday
2. The back-test of the October up trend...which will be around 83.50/84 next week
Clearly IWM above 85 would invalidate ALL bearish talk/outlooks,and then the door is open again for a move to 90..even 100 later in the summer.
Quick look at iwm 60min cycle
83.00 sometime early next week looks very viable - that would equate to sp'1410 -which would very much kick out almost every bear who has recently been adding new short positions.
More after the close.
IWM..daily
The bears have two clear lines to defend.
1. The 10MA at 81.50 - which we'll probably test Friday or Monday
2. The back-test of the October up trend...which will be around 83.50/84 next week
Clearly IWM above 85 would invalidate ALL bearish talk/outlooks,and then the door is open again for a move to 90..even 100 later in the summer.
Quick look at iwm 60min cycle
83.00 sometime early next week looks very viable - that would equate to sp'1410 -which would very much kick out almost every bear who has recently been adding new short positions.
More after the close.
No comments:
Post a Comment