There was rejection this week at the VAH (see last week’s comments on graphic). The Support at 153.50 (3 year poc) was broken and IWM needs to recover this level to be in a strong position. There is further Support at 149.60, the 1/2R off ’18 high.
IWM broke Support
IWM reaches Major VAH
IWM has reached 158, the Value Area High. Price will often be rejected at a major VAH. This hasn’t happened yet. Acceptance (time) at this level would be a bullish indication. In any case, as long as SPY holds above 153.50 it is in a strong location.
IWM chart 8th February 2019
IWM 16th November
IWM remains in a weak position below the 16mn
IWM Chart 19th October 2018
IWM Chart
U.S. Small Caps at 1/2R Resistance
IWM chart has made a higher low which found support at the TSR. That’s a positive. It now needs to print above the 1/2R Resistance to move into a strong price location.