Chart of the day: IWM

Blake Morrow Forex Analytix

With the S&P 500 almost at all time highs once again, we have to acknowledge the underperformance of this index. We are under the assumption that the SPX will hit new ATH and push towards 4440 then 4495 in the coming days. What this should allow for is a move in the IWM above the 61.8% retracement at the 224.44 level and 50dma back to the "range highs" at 234. If you want to be long, you know your breakout point and if you want to be short the index, maybe the best risk/reward for a range trade is back at the upper end of the range for a short!

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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