IWM looking vulnerable
The Russel 2000 closed below the daily 200 MA today.
It's never a good sign for the breadth in the market when the Russel starts breaking down.
I think there's a strong likelhood we continue to breakdown, based off todays IWM price action.
Small caps got rejected today at the pre market high and just kept selling all day. What makes thing price action bad is the fact that we closed below the pre market low and the daily 200 MA.
The volume on todays close was higher than usual which also indicates some serious selling pressure.
A clear Head & shoulders pattern is apparent on the chart, if this triggers...watch out below.
It's never a good sign for the breadth in the market when the Russel starts breaking down.
I think there's a strong likelhood we continue to breakdown, based off todays IWM price action.
Small caps got rejected today at the pre market high and just kept selling all day. What makes thing price action bad is the fact that we closed below the pre market low and the daily 200 MA.
The volume on todays close was higher than usual which also indicates some serious selling pressure.
A clear Head & shoulders pattern is apparent on the chart, if this triggers...watch out below.
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