IWM trade ideas
Rolling: IWM July 22nd 167.5/172 to August 5th 158/187.5... for a 6.04 debit.
Comments: Rolling out and paying a debit here that is smaller than total credits collected to reduce buying power effect. Up to this point, I'd collected a total of 8.39 in credits, so I'm still net credit on the setup by 2.35, but it's currently marking at 4.57 or so, so I'm down 2.22 on the position at this point. The setup, however, is now "delta/theta happy" at -4.03/12.39 and isn't being such a buying power pig.
Russell 2000 reconstitution 6/27On June 27, the popular Russell indexes will get their annual refresh, an event that has historically triggered major market volatility in dozens of impacted stocks. Every year on the fourth Friday of June, the Russell 1000, Russell 2000, Russell 3000 and other Russell indexes are reconstituted. The day of the annual Russell reconstitution has often been one of the highest-volume trading days of the year, largely thanks to institutional investors and funds that track the Russell indexes adjusting their holdings to reflect the updates. This year, the Russell U.S. Index reconstitution will occur before the market opens on June 27. (Source: Forbes) Here's levels on the IWM 4-hour chart:
R3 = $180.03
R2 = $176.63
R1 = $173.23
pivot = $169.84
S1 = $166.44
S2 = $163.04
S3 = $159.65
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IWMThe set up from LT support off the bottom channel has Nuked (of course) and I say that b c this year is the year where everything looks like a perfect set up that just nukes. (except oil trades) At this point IWM can still be an over throw, if small caps are pricing in all this inflation & War in Ukraine & recession talk. If the chart is to follow NQ then we have much more pain ahead. Looking at OTC stocks I am really unsure as to how much more pain can be endured. They all seem pretty bottomed. So watching for an MM overthrow here and confirmation would be working the candle sticks back into the LT channel IMO.
$IWM Analysis, Key Levels, and Targets$IWM Analysis, Key Levels, and Targets
I’m calling bottom here…
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I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed.
GL and happy trading.
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Buying the FibHad to step up at the end and buy some based solely on it's hit on the 50% fib correction. David Halsey wrote a book called Trading the Measured Move. Generally directed for short term traders with short term moves, I'm still applying the concept that stocks will retrace 50% of the move and then rally to the .236 fib. Worth a shot with blood in the street today. No one on the market news has had one positive thing to say, preparing everyone for lots more down to come. Worth a shot for obviously, a long term position.k
Russell 2000 Bear Trend
Well.
1) Macro bullish symmetrical triangle fakeout leading to top signal.
2) Low volume on bullish break, High volume on reversal confirming fakeout.
3) Omicron Variant market reaction =~= Covid-19 market reaction
See SPY fakeout before March 2020 Covid-19 crash. (right)
Lastly, see bearish divergence between index and % of stocks above 200 ma (orange).