MoneyPatterns

MTUM - IShares Momentum Ticker - Outta Gas

Short
AMEX:MTUM   ISHARES MSCI USA MOMENTUM FACTOR ETF
Looks like MTUM is out of momentum.
This contributes and confirms that SPY should be pulling back. MTUM and SPY are correlated.
Daily view shows megaphone top. (or Broadening Top http://thepatternsite.com/bt.html)
Megaphone Top can breakout either direction. Given the tilt of this megaphone, I feel the price is falling backwards against momentum.
Since the slope is too steep, price is hard to escape the megaphone.
For this reason, I feel price will fill all 4 gaps on chart (red boxes) down to $113.

MTUM going down also shows opportunities to examine holdings of the ETF , to see what primary tickers may fall. Then short them or buy puts.
I will be posting a MSFT short/put opportunity later today. MSFT is a major component of MTUM .

RSI is not totally topped out here. Need to wait for entry.
Entry looks to be either RSI 70+ or top two gap fills (down to $122) breaking white support line.

I am not currently active in this position, so I will not follow this as regularly.

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I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC , BTCUSD , GDX , VIXY .
Short SPY and AAPL .

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