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Friday, November 17, 2017 8:10:47 AM
IWM Takes Off
By: MPTrader | November 16, 2017
IWM certainly has exploded into a vicious upmove that amounts to a 1.7% thrust compared with a SPY upmove today of 0.8%, and certainly looks like it ended its 5 week correction now that the price structure has blasted above the 5 DMA, now at 148.63. A close above the 20 DMA, now at 148.05 will be further evidence of a significant upside reversal into a new upleg.
The near term chart of the iWM/SPY Ratio shows that IWM has launched into a "recovery rally" after a significant downleg. That said, the chart continues to argue that IWM remains challenged in relation to its BIG CAP brethren, and continues to bear watching as the two indices appear to have entered a new upleg within their larger, dominant bull trends.
11 16 17 IWM Day 1250 GIF
https://www.mptrader.com/middaymarkets/
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By: MPTrader | November 16, 2017
IWM certainly has exploded into a vicious upmove that amounts to a 1.7% thrust compared with a SPY upmove today of 0.8%, and certainly looks like it ended its 5 week correction now that the price structure has blasted above the 5 DMA, now at 148.63. A close above the 20 DMA, now at 148.05 will be further evidence of a significant upside reversal into a new upleg.
The near term chart of the iWM/SPY Ratio shows that IWM has launched into a "recovery rally" after a significant downleg. That said, the chart continues to argue that IWM remains challenged in relation to its BIG CAP brethren, and continues to bear watching as the two indices appear to have entered a new upleg within their larger, dominant bull trends.
11 16 17 IWM Day 1250 GIF
https://www.mptrader.com/middaymarkets/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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