AMEX:IWM ISHARES RUSSELL 2000 ETF
I had to search for this leg start on lower time frames, which doesn't leave me so confident with this move, but I am going to stick with it. I think they will test it, and because downward momo still needs to be worked off, I could see a large move to this area, followed by intense buying.
@JR, I also treat every market as individual markets whether they have historically moved together or not. I look at price action and what charts tell me. IWM doesn't always move in sync w/ SPY as we have seen SPY has continued to surge to new highs as IWM has been range bound since OCT last year(which there is a reason for). SPY had nearly 20 years of ACCUM, where as Russell has only been in accum for 10 years. So it needs to Re-accumulate in order to move higher. We can always look for correlations, and often times they play out, but rule #1 in my book is treat every market(stock, forex, future) as individual markets to prevent any false readings.