IWM Russell showing double top, support tests next?
double top pattern in play after IWM and RUT failed to breakout higher with the rest of the large cap indices.
patterns alone can be deceiving, but fundamental risks support this double top thesis.
banks risks, higher costs from supply chain constrains and or inflationary costs in play.
Higher rates may be finally hitting consumers and businesses as an extra cost in all forms of funding.
6 month to 1 year bear spreads make sense hear, so do deep in the money puts. For long positions, I would consider stops to protects down side in case it continues.
patterns alone can be deceiving, but fundamental risks support this double top thesis.
banks risks, higher costs from supply chain constrains and or inflationary costs in play.
Higher rates may be finally hitting consumers and businesses as an extra cost in all forms of funding.
6 month to 1 year bear spreads make sense hear, so do deep in the money puts. For long positions, I would consider stops to protects down side in case it continues.