NDX, IWM & AAPL at a Crossroads: Fading Momentum and Key Support Tests

SmartReversals
01-19

1. $NASDAQ 100(NDX)$

A big move is coming. The vanishing move on Friday, validated by volume suggests that the 20DMA could be breached after being tested several times during the last two weeks following the bounce. The lack of bullish conviction is notable.

2. $iShares Russell 2000 ETF(IWM)$

Pullbacks in the Small Caps have been preceded by one of two factors: an overbought RSI or indecisive candle structures. We are seeing a confluence of both, suggesting an imminent "breather" for this outstanding rally that outperformed both $Invesco QQQ(QQQ)$ and $SPDR S&P 500 ETF Trust(SPY)$ recently.

3. $Apple(AAPL)$

AAPL failed to reclaim its 100 day moving average, a sign of overhead resistance. The price is clinging to the edge of its volume shelf. If this support fails, the next area of structural strength for any support sits at $240.0. This is a "make-or-break" situation.

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