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Tuesday, 06/02/2015 12:44:57 AM

Tuesday, June 02, 2015 12:44:57 AM

Post# of 17387
IWM D BY ART HILL TODAY


TECHNICAL EVIDENCE REMAINS BULLISH FOR IWM ... Link for today's video. The Russell 2000 iShares (IWM) has been lagging the broader market since mid April, but the bulk of the evidence remains bullish. Chart 1 shows IWM with four bullish factors and two bearish factors at work. Working from left to right, I am starting with the string of 52-week highs in February, March and April. New highs are bullish, period. The late April correction was swift, but not that deep as IWM held just above the mid March low. The ETF then broke out with a surge in May and MACD turned positive.
...................................................................And now for the negatives. IWM stalled out the last two weeks and could be forming a lower high. SPY hit a new high in May and this means IWM shows relative weakness. I am not, however, ready to write off IWM because we have yet to get a bearish signal to counter the bullish arguments. IWM remains above support in the 122-123 area and MACD remains positive. For a bearish signal, IWM needs to close below 122 and MACD needs to turn negative. A bearish signal would then target a move to the 118-119 area.



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