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IWM

Russell 2000 (RTY) Looking to Break LowerRussell 2000 (RTY) Cycle from 4.3.2023 high is in progress as a 5 waves diagonal. Down from 4.3.2023 high, wave (i) ended at 1752.7 and rally in wave (ii) ended at 1825.43. The 1 hour chart below shows the chart starting from wave (ii) peak. The Index then resumes lower in wave (iii) towards 1731.7. Internal subdivision of wave (iii) unfolded as a 5 waves impulse. Down from wave (ii), wave i ended at 1794.8 and rally in wave ii ended at 1814. Index resumes lower again in wave iii towards 1733, wave iv rally ended at 1748.80. Final leg wave v ended at 1731.7 which completed wave (iii). Index then corrected in wave (iv) with internal subdivision as a zigzag Elliott Wave structure. Up from wave (iii), wave a ended at 1762 and wave b pullback ended at 1742.20. Final leg wave c higher ended at 1796.50 which completed wave (iv). Index resumes lower again in wave (v). Down from wave (iv), wave i ended at 1720.4 and wave ii ended at 1778.9. Wave iii ended at 1716.70. Expect wave iv to fail and Index to resume another leg lower to end wave v of (v) of ((i)). Afterwards, Index should rally in wave ((ii)) before it resumes lower again. Near term, as far as pivot at 1825.43 high stays intact, expect rally to fail in 3 ,7, 11 swing for further downside.
CME_MINI:RTY1!
by Elliottwave-Forecast
$QQQ all time outlook - prediction for FOMC MayNASDAQ:QQQ From this all-time chart, we can see that price is still holding above the "all-time upper support line"; that is, above the 300s. ~ IMO, we can swing between that support line and the "all-time resistance line", for the rest of the year. ~ In that regards, we can hit the low 300s again sometime this quarter, since we are hanging high for now, on this quarterly chart. ~ Also, in my opinion, we are possibly going to crack below that upper support line, later this year, or early next year. That's because of that "Channel Overhead Resistance". ~ Cracking below that all-time support line would push the market into a long term downtrend, similar to what we experienced during the 2000 bust. ~ As for the rest of this year, as long as we keep swinging between those 2 pivotal lines, we can run up till close to all-time highs, imo. ~ As for today's FOMC, I think we are looking at an FOMC spike till the 321s/322s, before the fall back to fill the gap at the low 300s....where it meets that "all-time support line.....for the next rebound. ~ Trade Safe - Cheers and good luck.
NASDAQ:QQQ
by RexMan
NQ RSI OversoldWent to grab some lunch (I'm on west coast) and noticed that RSI hit oversold on ES, NQ, and RTY. MI is not quite there yet but it'll hit it before market open tomorrow. If you;re short, I suggest closing some positions if not all. Oddly, this is an indicator for me to buy PCAR, lol, but I think the earnings play was good enough since I'm taking the day off tomorrow. Gap direction will still depend on GOOG and MSFT earnings. All cash, no trades, but I figure I'd post this for my awesome loyal followers.
CME_MINI:NQ1!
by hungry_hippo
2
4-25-23 [russel2000]Good afternoon, Anon, Seeking a comprehensive breakdown of the Russel2000? Allow me to elucidate for you. --- The Russell 2000 is presently entrenched in a quintessential Wyckoff accumulation phase: Dubbed - The Wyckoff Accumulation Schematic #1. --- Who is Wyckoff, and why is he of significance? Well, Wyckoff reigns as the vanquisher of bears, as well as the architect of unanticipated realities. Wyckoff embodies an interdimensional algorithm, crafted to cleave you asunder. --- Green trajectory = Should the ensuing days yield favorable earnings, anticipate the Russell 2000 to be propelled into the celestial realms. Strawberry trajectory = Russell breaches the low with ferocity, accompanied by a colossal volume spike, prior to being catapulted to all-time highs. --- Ps. An upsurge in small-cap stocks signifies an environment inclined towards risk-taking.
CME_MINI:RTY1!
by notoriousbids
3
Growth Prospects? - Much work to doInvestors may benefit from keeping an eye on this relationship of IWM to Gold. Small caps, represented by the the Russell 2000 index ( AMEX:IWM ), are generally well-regarded and in favor when growth prospects are good; gold on the other hand is typically considered a defensive store of value. I consider that early 2018 period, when things were generally clicking pretty well in markets, to be a very "key" level and one well worth monitoring. A confirming bullish trigger would be seeing this IWM/Gold relationship break out of the present downward channel, and getting back to and through that key level. Until then, when assessing risk / reward in this 'whipsaw' environment, investors may be better served by exercising continued caution and selectively.
AMEX:IWM
by jay_S_
Opening (Margin): IWM April 6th/June 16th Double Die... for a 57.79 debit. Comments: Doing something a little funky here -- a double diagonal. The best way to look at this setup is by breaking it down into two aspects: (a) a long call diagonal, with the back month at the +90 delta strike, the front at the -30; and (b) a long put diagonal, with the back month at the -90 delta strike, the front at the -30. I tend to manage each aspect separately, taking profit on the winning side, while simultaneously looking to reduce cost basis on the losing one, so it's important to know where my break evens are for a given side. Long call diagonal aspect: 39.42 cost basis, 169.42 break even, 44 wide. Long put diagonal aspect: 18.37 cost basis, 170.63 break even, 25 wide.
AMEX:IWM
by NaughtyPines
2
$AI Holding Support?I’ve taken a small position in NYSE:AI here as it seems to have put in a support level. In addition, the selling volume has declined quite a bit suggesting to me that sellers are pretty much done. If we have a pocket pivot in the next few days / weeks, I will bring it up to a full position size. I am using the support area as my stop guideline. If it fails, then it proves that was not a supported area. For my trading style I like the risk reward ratio here. Thanks for looking. Ideas, not investment / trading advice.
NYSE:AILong
by jaxdog
3
$QQQ Falling Out of Rising Wedge?NASDAQ:QQQ may be flashing a warning sign here. Rising Wedge Patterns often lead to a new down leg but not always. Looks like we have a breach to the downside on this wedge. Additionally, it looks like today’s candle is a Shooting Star. These too often are a sign of weakness. The good news is that it bounced off the 20 EMA (blue). If it loses the 20 EMA I will be looking for a short sale entry using NASDAQ:SQQQ as a short, NASDAQ:SQQQ is a 3 times short leveraged ETF. This is my personal observation that may or may not play out. I would rather the market head higher, but I am open to it heading lower too. Ideas, not investing / trading advice.
NASDAQ:QQQ
by jaxdog
4
$FFTY Breakout / Re-Test?AMEX:FFTY The Innovator IBD 50 ETF – This ETF is sponsored by Investor’s Business Daily (IBD) It holds high beta / high growth names mostly mid and small caps. I like it for its holdings, very similar to AMEX:ARKK except that the holdings in AMEX:FFTY rotate a little more than $ARKK. Like AMEX:ARKK , this is a good barometer of risk-on / risk-off in the market. Here is what I see on the chart (most is notated on the chart). Break above both the resistance area and move over the 30 Week SMA. That happened yesterday and looks to be re-testing today. I like all that volume this had on Monday, not sure the volume count but the most single day volume since 2019. Tuesday’s volume was also more than double the average volume. The pullback today is on par with normal volume levels, most likely profit taking by some of Mondays’ buyers and maybe a few underwater buyers from yesterday. The price is above the shorter-term MA’s, and we have a recent MACD cross. All in all, I will be looking for a reversal from today’s down day for an entry. I like this set-up because I can put a stop loss under one or all of the moving averages with a clearly defined risk. Thanks for looking. Ideas, not investing/ trading advice.
AMEX:FFTYLong
by jaxdog
RTY UpdateJust drifting sideways, indicators are neutral. I think MFI goes oversold tomorrow morning on RTY and ES, will wait until then to BTFD, lol. I think it's gonna be a whipsaw day. Futures need to sell off but lots of dip buyers already. Slept in (kinda obvious now, lol) because I was all cash, no positions. Will take a potshot at the market again tomorrow if indicators go oversold. No idea which way the market gaps tomorrow, I'm not bullish on TSLA earnings. FDAX MFI is dropping but the index isn't. Maybe another small gap down again? i dunno. Really thinking it might be a good time to take a break from the market... but PCAR earnings next Tuesday. Maybe after that.
CME_MINI:RTY1!
by hungry_hippo
2
$ARKK Continues Wedging and ConsolidatingOn March 30, 2023, I posted (link below) my thoughts on AMEX:ARKK being a barometer for risk-on / risk-off in this market. I still hold the same view. I’ve updated this chart and it has simply continued to consolidate into a narrower range. I expect a resolution to either the upside or a breakdown. All TBD. The constructive things I see are the consolidation in a small price range AND a big decline in volume indicating to me that there is considerable indecision on other traders’ parts. While I tend to lean bullish on this name, it could breakdown as well. I have alerts at both upper and lower trendlines and may trade it accordingly. Thanks for looking. Ideas, not investing / trading advice.
AMEX:ARKK
by jaxdog