Sunday, May 20, 2012

IWM: Daily Look

Quick glance at Higher Timeframe -- this time the daily.  IWM closed below its 200 day MA on increasing volume but it is about to move into a heavy supply area.  There is plenty of room for a Snapper Rally back to the established black trendline so it would be wise to consider this possibility as the world melts down.

If you've been trading for 10 years or more, then you know that the world has been on the brink of collapse almost every two years.  People have been calling for a crash every six months.  It's noise.  Yes, we have room to fall some more but we're way off the mean-reverting line now.

Good luck next week.  I'm sure things will only get crazier.

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