TECHNICALLY: A convincing break above the 0.50 fib retracement level at ~221 may signal further upside. Alternatively, I think we may retest 207.
ZOOM OUT: IWM has been powered recently by huge moves in "meme stonks" which I see as simply unsustainable. When the "buy the dip" mentality breaks down I think we'll see major retail capitulation.
MY MOVES: While...
TECHNICALLY: I think the 300 will be key to watch. As long as we don't break out of the established downtrend, I'm looking for a retest. If we fall below 300, there's another support we may also retest.
ZOOM OUT: Important considerations here are ongoing vaccination efforts and global reopening. Since March 2020 tech has had the momentum - until now. I...
QQQ has been adhering so a solid downtrend since its ATH. We have yet to see a convincing break, and we predict a re-test of the 300 level as well as the 200 SMA.
