Eye on IWM 20-Day DMA
|Another marker for today is the 20 DMA of the IWM, now at 148.58, which is being tested by today's early session weakness in the Russell Small Cap ETF. A close below the 20 DMA will be a signifiicant technical "event," and will trigger a next downside target of 145.00-144.30.
Conversely, the ability of IWM to hold and to close above the 20 DMA will mean that we should continue to consider all of the action off of the 10/09 high at 150.68 as a shallow digestion period ahead of upside continuation within a still-incomplete Aug.-Oct. upleg.
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