When Indicies/Market ETF's breakout, that is when things get hot.
Major indices like $SPY and $QQQ are at ATH's and pushing every few weeks while $IWM had been a big laggard.
However, $IWM had broken out and it looks like it is trying to pull back for a retest before heading higher. I am bullish on $IWM as this has consolidated for many weeks and it's time for this to get the next leg higher.
Watch for a retest of previous resistance. This might not happen and we could just head straight up or gradually move higher over the course of a few weeks to months.
Major indices like $SPY and $QQQ are at ATH's and pushing every few weeks while $IWM had been a big laggard.
However, $IWM had broken out and it looks like it is trying to pull back for a retest before heading higher. I am bullish on $IWM as this has consolidated for many weeks and it's time for this to get the next leg higher.
Watch for a retest of previous resistance. This might not happen and we could just head straight up or gradually move higher over the course of a few weeks to months.
Trade closed: stop reached:
The market has been pulling back and $VIX is on a breakout that voids this setup.