April 17, 2011

IWM Weekend Update

  • First chart is the weekly chart of IWM shown with support and resistance lines. Having taken support near the supporting trend line price is moving towards the resistance line shown in Weekly chart.
  • Daily chart shows price bouncing from 50 day moving average.
  • Price has closes above 82.35 which was a resistance level. Sustaining above this level can target 85 level in IWM.

1 comment:

  1. Boatload O' Charts
    Cable will find support or lose support at this line. Euro looks ready to tank also, see 2 charts. Also got charts on Copper, Cotton, Gold, Lumber and more. Check it out. Entered the weekend as heavy short as I have been in 6 months, most Fridays I sit in 100% cash except for some long term "investments" in gold miners and natty. I am cognizant that I am a lightning rod for sentiment. I will likely move my stops to breakeven today, even with risk of a stop out and then continued move down.


    Full moon means earthquakes. The last "little" 5.9 quake sent radiation levels skyrocketing, which probably doesn't mean new cracks in containment, possibly just stirring up the radioactive saturated ground water which we already "proved as fact" due to the refilling of the pumped out areas.