Daily Charts: IWM, SPX AND IWM
1. $iShares Russell 2000 ETF(IWM)$ - Daily Chart:
This long-wicked shooting star validated by high daily volume looks like a top, similar to the previous two occurrences highlighted. The latest one found rejection at the higher Bollinger band.
Can it move up more as the futures are suggesting?
Sure, to complete the bearish divergence highlighted.
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2. $S&P 500(.SPX)$ - Daily Chart:
This price action suggests that a local top is in.
Even if there is a green candle tomorrow, risk management is key.
The loss of 5DMA would be the first confirmation sign for a reversal. The oscillator suggests that's about to happen.
50 bps rate cut is concerning.
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3. $Cboe Volatility Index(VIX)$ Bouncy ahead of big FED announcement 👀
$S&P 500(.SPX)$ $DJIA(.DJI)$ and $NASDAQ 100(NDX)$ also green.
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Charts posted after the close: $S&P 500(.SPX)$ $Invesco QQQ(QQQ)$ $iShares Russell 2000 ETF(IWM)$ $VanEck Semiconductor ETF(SMH)$
None of them look bullish, but they have not confirmed a reversal either.
New All Time Highs were anticipated during the last weeks in the Weekly Compass 👍.
25pbs are the most likely rate cut scenario, Powell is expected to sound dovish, and he has to! Otherwise he would be acknowledging a bad economic situation 📉📉📉
A rally on Wednesday and selloff on Thursday? That’s valid but speculative.
Risk management and psychologic preparation for any scenario is key.
https://x.com/SmartReversals/status/1836554793633866154
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