Every major index formed a pennant pattern Friday afternoon after the midday drop. I think it's a continuation pattern, which for small caps means a gap fill for IWM.
Not so sure about Tuesday, but I think the pennant breakout is still valid so we'll see it go back up Monday afternoon and/or Tuesday.
I'll try to comment before market open if I have time, keep an eye on futures. I'm guessing we see red Monday morning.
Note: Chart is 15 minutes and this is an index fund so ignore indicators. See my RTY1! 3hr chart posts for indicators.
Not so sure about Tuesday, but I think the pennant breakout is still valid so we'll see it go back up Monday afternoon and/or Tuesday.
I'll try to comment before market open if I have time, keep an eye on futures. I'm guessing we see red Monday morning.
Note: Chart is 15 minutes and this is an index fund so ignore indicators. See my RTY1! 3hr chart posts for indicators.
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Well so much for that, Japan pumped futures on election results and Europe went green. Gonna hold off today because futures gapped yesterday and I hate open futures gaps. Don;t think I'll short anything yet.Note
Bearish for tomorrow, futures all have an open gap, and futures gaps usually fill. See my NQ post
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.