Watching this momo slow, and curious to see how price reacts around this inflection zone. Would expect to see distribution and retest of support gained.
clue that few are watching... JNK blew down under 50 day and 200 day... fall in JNK often precedes BIG market drop... $NYMO falling as well... needs more down as market stays up until BANG. triple divergence on QQQ also a BIG warning sign... IWM prolly comes up a little again, then I will BUY TZA... your thoughts on next 6 weeks?
IWM looks like it has been distributing for a while now. The daily has been effecting the monthly and weekly charts setting up for what looks like a reversal of trend and leg down. Everything on the daily pretty much looks tested, as they tested sig levels on the way up. I'd like to see about 100/101 get tested. Probably looks like crazy levels, but IWM will eventually test 89 and 83 zones.