fell through the wedge/flag it was forming but more importantly Closed right at support.
Going into Monday we really do not want to see a drop below 232 because that would signal that we're heading back to support #2 at around 229.. Noticable was the increasing volume of selling .
Small caps, Cyclicals , and reopening took a hit last week. It started with a pullback that then increased with news of covid cases on the rise and foreign lock downs. Any news that negatively affects job outlooks will effect IWM first. The Dow Jones is near significant support and the Nasdaq is near significant resistance. we may see some rotation out of tech and back into small caps and and Cyclicals by late Monday or early Tuesday. If we close below 232 monday then we'll be headed back to 229. I'd we bounce at 232 I expect a rally up to that purple resistance i outlined which should be around 236.
Going into Monday we really do not want to see a drop below 232 because that would signal that we're heading back to support #2 at around 229.. Noticable was the increasing volume of selling .
Small caps, Cyclicals , and reopening took a hit last week. It started with a pullback that then increased with news of covid cases on the rise and foreign lock downs. Any news that negatively affects job outlooks will effect IWM first. The Dow Jones is near significant support and the Nasdaq is near significant resistance. we may see some rotation out of tech and back into small caps and and Cyclicals by late Monday or early Tuesday. If we close below 232 monday then we'll be headed back to 229. I'd we bounce at 232 I expect a rally up to that purple resistance i outlined which should be around 236.
