Can IWM continue with the upward momentum and fill the gapSPY has been quite strong the last couple of days but the same cannot be said about IWM. However, today IWM was able to follow SPY. Bounced off the 211-212.5 support and ran higher. It could next test the resistance at 220.
The question is, can it fill the gap at 226-230? The answer is not so fast as there are two more resistance above 220 and near/below that gap. The first being 225 and the next being 227.5. Unlike SPY (which has already broken through the last resistance before ATH), IWM has a lot of work to do to even think of retesting the ATH (It is a long way for now).
IWM trade ideas
IWM time to retrace before going upHello Hello people.
Back with some conviction with this trade. Monthly fib in Red, Weekly in Blue and short term in Pink.
Last time the ride was good upto 222 which I posted last week. Now it's look little overextended and that gives some shorting opportunity.
A safe entry is below Blue fib line 222.40 and there are a lot of places to take profit as down as Blue 23% fib line 217. What's the stop loss probably 224.5
do your DD and good luck.
IWM short @ 233.61 updatewhile SPXL was dropping I was shorting IWM. I use SPXL for longs only why. Hard to short and what Goes first IWM, XLF .
Look see daily red arrow I shorted IWM 233.61 still short look daily stock rolling me took some profits 233.61 to 212 still shrt
Look weekly rolling up I am still shrt cause weekly has not broke up thro 30% on stoch and daily has 100 200 50 DAY MA BLOCK WALL only way get thru will be gap up but will it hold plenty cushion and have stops in place Notice how the daily stoch with weekly I did not miss the top nor the bottom
Just playing stoch and know where supports are its not hard with wonderful gains its called consistently making money.
$IWM — Market Forecast 12/18/21We closed out the week with a green candle on higher volume, and while the Dow was dropping.
We have the stochastic moving higher, called a hinge, and the CCI is pointing lower but we have a positive divergence because of the lower lows on price action.
I believe we test the new resistances at the highs from previous sessions.
If the small caps rally this week, it will bring the index right back up to the 20 period moving average, at which time it will act as resistance because of role reversal so we will have to see if we pull back from there but keep an eye on that open gap at 230.
Watch out below if we break out below 210.
IWM short term up and then go downJust to be consistent, when I publish my monthly fib retracement is in Red, weekly in Blue and short term in Pink.
Perfect reversal from 23% monthly fib level and today it has touched 23% weekly fib level and now moving towards 38.2% weekly fib level. In my view if there is a correction before it goes higher from here then that should be helpful for an nice entry for 222.5
Russell, 22 Dec. End of a Gigantic RangeIWM has been in a range for 329 days. It has tested the lower boundary 7 times. Many analysts now believe that 2022 will see a rotation back into value and small-caps, after 2021 was the year of the big tech corporations.
Elliott:
The range makes it difficult to determine a clean count, however we can count 5 waves to the downside in the last swing from 8 Nov. This is important because any complex correction such as the WXYXZ would complete with a 5-wave move, before price departs to the upside.
Oscillators:
The MACD crossover is imminent and the MFI is pointing upwards after a bullish divergence.
Geometry:
Price has reversed on the 50% Fib of the current pitchfork with a typical reversal doji. The next resistance is the pitchfork median at 221, potentially the end of wave (i).
How I trade it:
If we assume that the range is a completed re-accumulation, we can begin to build back long exposure. In Wyckoff terms, we would now be looking for the LPS/SOS stages. If price gives us a wave (i)-(ii) structure (in blue), we will get a H&S pattern that provides a solid bullish setup (long above wave B of (ii)). Support on the pitchfork median and a break of the 20 week MA at 224 would then signal that our assumption is likely correct.
A well-prepared entry is important because price can also exit the range to the downside. The bullish idea is invalidated if price moves out of the pitchfork altogether, which is below 202.
IWM .5% gap on 30m candles via Fixed Range Volume ProfileNot a big deal for investors, but traders should watch this gap where the rectangle is. In this instance it's a .5% gap on the IWM 30m bars showing where price may travel through with very little resistance. If you're a trader this is very important to know.
Sometimes gaps are in plain sight such as this, but other times support and resistance zones can be "hidden" in the price action. This is where "Fixed Range Volume Profile" or VAP (Volume At Price) can really help you see through the data in a unique way surprisingly few people seem to use frequently. It doesn't always work well, just like any other indicator, but it's definitely worth having in your arsenal.
Leading Indicators are still BURNTQuick update from two weeks ago...
Watching the White/Red lines
JNK failed the reversal attempt to break above resistance;
DJT closed just below support;
Russell2000 closed last week at support;
Value Line has not yet broken down;
TIPS reaching support, may break but not yet;
TLT just above the breakout support;
VIX already gapped up pre-opening; and
S&P futures ES1! following through downwards rather significantly pre-market open.
Most MACD are aligned.
Indicative downside bias...
Staying shrt IWM @ 233.61Lets look at daily stoch red is where I shorted the daily heading down that why. Know lets look daily stoch today and look at bottom green arrow. Look at the bottom BB line on bottomed and sideways, Know looking possibly a bounce back to 200 day 225 Will watch may try get it.
the daily broke the the 100 day 200 day 2 x . Look at vol more red selling then buying.
2nd reason shrt is the weekly heading china trend is down.
233.61 to 212 nice shrt only few shares left.
Comments welcomed.