⬇️ IWC NEW LOW The microcap ETF (IWC) has made a new low. This is not good at all. On the good side we did close up on the day - so we can call this a Rally Day and wait for a Follow Through Day (FTD). ↗️ WAITING FOR FTD SPX is sitting on the 200D Moving Average and Nasdaq s on day 6 of its Rally Day (marketd as RD on the chart). We are waiting for those FTDs...
After breaking the near-term Accumulation/Distribution Range Ice to the downside, Path of least resistance is a retest of the Previous Accumulation Range Creek (Origin of Breakout) before continuing the Uptrend. Distribution Range Breakdown 261.8% Measured Move Target @ 94.20
Two Legs Sideways to Down objective met. 05 Mar 2021 to 18 Jan 2022 Big Picture Distribution Range breakdown Black Swan Measured Move 1:1 Target @ 108.75 Short term Double Bottom for a Simple Corrective WXY or Complex WXYXZ before Downtrend Continuation.
Here in this position, it is clear that intensive work has gone into supporting the entire global recovery. Moreover, we could already count the resilience in credit as ideal results from the covid siege. But now I want to focus on the US and small caps in particular are getting to work and the advance is leading to a more palpable exhaustion leg and opening...
This is always a fun way to view the markets. Today we are going to look at a risk on barometer that may be unknown to most. When Finland is breaking out, we tend to take notice. This is a good indication that money is flowing to risk on assets. If country indexes had personalities, Finland would be on a motorcycle pole vaulting with a hockey stick! All jokes...
Looking at Emerging Market Debt vs. US Treasury Bonds ratio - is this evidence of risk on?
$IWC $spx $spy $qqq Micro-cap is approaching 61.8% Fib Resistance. Neckline retest might be first before any further breakouts.