Small Cap Pennant

iShares Russell 2000 ETFArca

Description

⋅ Jul 22, 2019 7:00 PM

IWM (RUT) forming a pennant, just a reminder that small caps plunged first last fall.

The weakness in small caps makes it hard for me to get bullish on the market though futures look to be setting up for another pump and dump tonight.

Comment

⋅ Aug 5, 2019 6:59 PM

This could be serious trouble...

Chart Patterns IWM

Comments

DaddySawbucks

⋅ Jul 22, 2019 11:47 PM

Yes I been watching this too. At peak on 6 May it had retraced 0.739 of the drop from 172 > 126. Now at 153 stands at 0.597.

Most pennants are continuation formations... trend is Bear. Ty for post HH!

hungry_hippo

⋅ Jul 23, 2019 12:30 AM

@DaddySawbucks, thing is though.... the pump and dump algos are still running. Futures up already.

DaddySawbucks

⋅ Jul 23, 2019 12:37 AM

@hungry_hippo, Pretty weak, +2 not +20. Most significant was price of SPY, QQQ and DIA in post-market closed at 8PM, virtually unchanged, slight gain in QQQ.

As you observed is easy for big money to manipulate futurz after hours in thin trading. It's distribution phase; public participation is coming soon.

hungry_hippo

⋅ Jul 23, 2019 1:36 AM

@DaddySawbucks, too early to say. You really don't know what the Euros are going to do. Didn't really expect the market to gap up today, but Mondays, lol....

DaddySawbucks

⋅ Jul 23, 2019 5:14 AM

@hungry_hippo, IWM gets to 156 I'm shortin it!