Can IWM continue with the upward momentum and fill the gap
SPY has been quite strong the last couple of days but the same cannot be said about IWM. However, today IWM was able to follow SPY. Bounced off the 211-212.5 support and ran higher. It could next test the resistance at 220.
The question is, can it fill the gap at 226-230? The answer is not so fast as there are two more resistance above 220 and near/below that gap. The first being 225 and the next being 227.5. Unlike SPY (which has already broken through the last resistance before ATH), IWM has a lot of work to do to even think of retesting the ATH (It is a long way for now).
The question is, can it fill the gap at 226-230? The answer is not so fast as there are two more resistance above 220 and near/below that gap. The first being 225 and the next being 227.5. Unlike SPY (which has already broken through the last resistance before ATH), IWM has a lot of work to do to even think of retesting the ATH (It is a long way for now).
Comment:
IWM got rejected at the 220 zone and is now trading around 215.xx. The next support is at 210-212 zone. With quad witching tomorrow, nothing is certain.
Comment:
We have seen some gains but it still hasn't broken 226 while SPY been hitting new ATHs. With SPY most probably going down (even if shortly), doesn't seem like it will fill the gap at 228 soon.
This idea doesn't seem to be valid anymore.
This idea doesn't seem to be valid anymore.
