Broke down back into previous resistance zone
On the this week's Weekly Markets Analysis newsletter, I've mentioned that 120 is a crucial level in $IWM
marketzone.tumblr.co...ts-analysis-7-3-2015
Today, $IWM broke down back into previous resistance zone and closed below 120$. If the price will stay below that level, it could be a major bearish sign for the Russel.
The only thing separates $IWM from falling apart right now is the daily 200 SMA line.
If you'll check the 4H chart, you'll see that today's gap down was basically gapping down below the 4H 200 SMA line - Another bearish sign.
Still, we have a long week ahead of us.. but keep an eye on 120$ and 119$ (the zone's borders) - A breakout or breakdown of this zone could signal the next move's direction in $IWM
Subscribe to the Weekly Markets Analysis : www.themarketzone.net
marketzone.tumblr.co...ts-analysis-7-3-2015
Today, $IWM broke down back into previous resistance zone and closed below 120$. If the price will stay below that level, it could be a major bearish sign for the Russel.
The only thing separates $IWM from falling apart right now is the daily 200 SMA line.
If you'll check the 4H chart, you'll see that today's gap down was basically gapping down below the 4H 200 SMA line - Another bearish sign.
Still, we have a long week ahead of us.. but keep an eye on 120$ and 119$ (the zone's borders) - A breakout or breakdown of this zone could signal the next move's direction in $IWM
Subscribe to the Weekly Markets Analysis : www.themarketzone.net