IWM - Bearish Signals, Expect Downturn

IWM has had a nice run since bottoming on October 13th, rising more than 13% in the last month. Expecting IWM to run out of steam here, however. Possible double top, declining volume and once again faces significant resistance at the upper RSI trend line, which has been intact for nearly 2 years. As highlighted, IWM fell 11% and 8.5% when last hitting this line. Disclosure: When I trade indices, it is typically for hedging purposes. Target is $113.4.

11.14.14 - 3:09pm EST