Time is running out for Russell 2000! $IWM

Russell 2000 still has a decent amount of momentum on the H1 and Day time frames, but it is decision time next week into the FOMC statement and press conference. It is time to decide if we obey election year seasonality (and get an emergency PUA extension next week likely) or fall into mid August.

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Comment:

On average, DJI bottoms today in election years, and starts pumping into the FOMC and the first week of September.

Comment:

Russell is back under the dotted descending trendline, not great. Only FED stimulus can save it before it ejects out of the ascending channel we have been traveling in since the bottom in March.

Comment:

Do or die moment for russell today, back in the channel and another 200 DMA backtest.

Then next direction of the markets should be huge. We have the big tech names reporting today.

Trade closed: target reached:

1550 was a major target. We hit the Month CAM R4 and 78.6% retracement level of the entire COVID correction. This seems like a significant milestone and place to take the profit.

Comment:

This could be a huge bearish divergence compared to the June high that we barely broke through

Comment:

Eventually russell will require a retest of the 200 DMA, inevitable.