the russell 2k / IWM had decent support at 169, but has a bit more potential downside prior to full support. maybe 166 as indicated by vol, fib, macd, and stoch. I dont expect 165, but watch volume strength
Before the SP500 climbed to new highs the small caps ($IWM) and mid caps ($MDY) were already leading the way. Overall, it looks like the indices are in agreement of higher prices to come. I think we might get some slight retracement in prices in the short term to develop a base before we start heading higher.
IWM is close to max extension. Into a key trend line that has dictated highs since late 2016. I will be looking to sell between 171.8 and 172.00. good luck
Pretty evident and self explanatory pennant pattern; consolidation phase has been going on for a while. Wait for a breakout to confirm the trend continuation.
Markets are near ATHs and showing some weakness, so I'm just applying some hedges in case.
Bought +1 Aug31 165.5/168.5 put spread for $1.03
Risk: $1.03
Profit: $197 (potential)
Market could reach new ATH as fed pushes rates up but as long as they keep raising rates into 2019, it will force the market correction as has been masterminded by the fed and Wall st. and is well planned for years now. This is not just markets - it's all well orchestrated for the every 6-12 year wealth transfer by the 0.1%.
