IWM Daily Chart - The price bounced despite the movement in the major indexes
$iShares Russell 2000 ETF(IWM)$ Yesterday's analysis of the potential morning star formation was validated today. The price bounced despite the movement in the major indexes.
The bounce from oversold levels in Williams%R is what I prefer to see in the $S&P 500(.SPX)$ , as mentioned in the previous post.
The 50-day moving average (50DMA) was recovered, and $202 proved to be a significant support zone✅.
However, there are some weak signals in the chart. The price faced rejection at the 20DMA, and the Stochastic indicator didn't show a bullish crossover.
To maintain a bullish or bouncy outlook, the price needs to stay above the 50DMA.
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini Russell 2000 - Jun 2024(RTY2406)$ $E-mini Nasdaq 100 - main 2406(NQmain)$
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Yesterday's analysis:
Fast oscillators are oversold already, Stochastic is actually curling up.
There is a potential morning star validated by high daily volume, but 50DMA is a hurdle to overcome.
Mentioned over the weekend: All eyes on $202, if that level is lost during market hours, a gap fill to $200 would be imminent.
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https://x.com/SmartReversals/status/1796294496931483940
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- KSR·05-31👍LikeReport