It appears like IWM will go sideways until the elections, since prices are contained within the range of the recent post 5 point spike in VIX buying spree, which sent prices to a new all time high, to then see a tight range and another sharp decline, and another 5 point spike in VIX, followed by a brief rush of buying, now almost entirely retraced. I'm monitoring VIX closely, and watching activity in the market, focusing mostly on individual stocks, and looking for both long and short opportunities.
We can have a sense of direction, by checking the position of the market relative to the key levels on chart, and it'll soon be clear if this support at 119.88 is holding, thus proving the 'sideways into the elections' thesis correct, or, discarding it, if we break below that market, making a test of 118.65 the next logical event.
If this level doesn't hold, as evidenced by the market making a daily HIGH, that is lower than it, then we could expect a fall back to the Pre-Brexit highs area.
118.65 remains the key here, if retested, bulls want it to contain the selling, and strong buyers emerge right there. It would already be negative if the floor at 119.88 doesn't hold though, so keep close watch of it.
Good luck,
Ivan Labrie.
We can have a sense of direction, by checking the position of the market relative to the key levels on chart, and it'll soon be clear if this support at 119.88 is holding, thus proving the 'sideways into the elections' thesis correct, or, discarding it, if we break below that market, making a test of 118.65 the next logical event.
If this level doesn't hold, as evidenced by the market making a daily HIGH, that is lower than it, then we could expect a fall back to the Pre-Brexit highs area.
118.65 remains the key here, if retested, bulls want it to contain the selling, and strong buyers emerge right there. It would already be negative if the floor at 119.88 doesn't hold though, so keep close watch of it.
Good luck,
Ivan Labrie.
Kommentar:
Market is sideways, potential bearish bias if we don't break above 121.84 today.
Kommentar:
In two bars, the downtrend signal expires, which can send IWM back up to 123.97 by November 9th or sooner.
If we don't see lows under 120.10 in the next 5 bars, we could easily envision higher prices, possibly a higher all time high after the elections.
If we don't see lows under 120.10 in the next 5 bars, we could easily envision higher prices, possibly a higher all time high after the elections.
