Every major index formed a pennant pattern Friday afternoon after the midday drop. I think it's a continuation pattern, which for small caps means a gap fill for IWM.
Not so sure about Tuesday, but I think the pennant breakout is still valid so we'll see it go back up Monday afternoon and/or Tuesday.
I'll try to comment before market open if I have time, keep an eye on futures. I'm guessing we see red Monday morning.
Note: Chart is 15 minutes and this is an index fund so ignore indicators. See my RTY1! 3hr chart posts for indicators.
Not so sure about Tuesday, but I think the pennant breakout is still valid so we'll see it go back up Monday afternoon and/or Tuesday.
I'll try to comment before market open if I have time, keep an eye on futures. I'm guessing we see red Monday morning.
Note: Chart is 15 minutes and this is an index fund so ignore indicators. See my RTY1! 3hr chart posts for indicators.
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Well so much for that, Japan pumped futures on election results and Europe went green. Gonna hold off today because futures gapped yesterday and I hate open futures gaps. Don;t think I'll short anything yet.ノート
Bearish for tomorrow, futures all have an open gap, and futures gaps usually fill. See my NQ postノート
Looks like I was right, just a day off. See my NQ post.ノート
Retail stocks appeared to have topped out, that is bearish for small caps. I'm probably staying away from IWM until I see another good pattern.
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