Those who follow me know I have been bearish (and still am in the long term) since January. However looking at the IWM which has been a very good leading indicator of the market overall, the Gild news could have breathed a new lease of life to the market. Looking at the actions a few days before the GILD news we can see that the IWM was rejected twice and closed...
Break was on higher than average daily volume. If retest is successful and we don't fall back into the channel resistance should turn into support. Monday will tell. Flat for the weekend. Next target $169.
IWM is within a 2 year channel with distinct points. Lower end (red arrows) around $144-$145 Upper end (black arrows) around $160 Highlighted areas are times in which we breached those areas. Yesterday the IWM traded down as low as $144.25, buyers stepped in to drive the ETF up. Buyers have stepped into and bought around that area for the past 2 years. ...
21-Jun Stock investing strategies Investing position about Supply-Demand(S&D) strength: In Rising section of high profit & low risk Supply-Demand(S&D) strength Trend Analysis: In the midst of an adjustment trend of downward direction box pattern price flow marked by limited rises and downward fluctuations. Today's S&D...