Long

Time is running out for Russell 2000! $IWM

Updated

Russell 2000 still has a decent amount of momentum on the H1 and Day time frames, but it is decision time next week into the FOMC statement and press conference. It is time to decide if we obey election year seasonality (and get an emergency PUA extension next week likely) or fall into mid August.

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Note

On average, DJI bottoms today in election years, and starts pumping into the FOMC and the first week of September.

Note

Russell is back under the dotted descending trendline, not great. Only FED stimulus can save it before it ejects out of the ascending channel we have been traveling in since the bottom in March.

Note

Do or die moment for russell today, back in the channel and another 200 DMA backtest.

Then next direction of the markets should be huge. We have the big tech names reporting today.

Trade closed: target reached

1550 was a major target. We hit the Month CAM R4 and 78.6% retracement level of the entire COVID correction. This seems like a significant milestone and place to take the profit.

Note

This could be a huge bearish divergence compared to the June high that we barely broke through

Note

Eventually russell will require a retest of the 200 DMA, inevitable.

mortdiggiddy

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