The Russell 2000 Small Cap ETF Appears To Be on Shaky Technical Ground
|I leave you tonight with a final look at my IWM daily chart, which shows that the Russell Small Cap Index ETF made a marginal new all-time high at 150.68 this morning, but then pivoted to the downside to close at 149.43. While the intraday decline amounted to an unremarkable 0.8%, let's notice that it represented a Key Downside Reversal Day and a day of weakness that also took out all four prior trading days as well.
As I see today's action in IWM, it initially failed to follow-through on the upside after making a new all time high, and then reversed to the downside to take out the prior four days of trading in what has to be labeled a potentially important distribution session.
Tomorrow's action could provide a lot of information about the near term health of the IWM...
Have a great evening everyone... MJP
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.