With IEF trading red (down) & back into the orange zone, most or all of today’s stock market rally is likely to be faded by the close unless IEF starts to rally substantially before the. 60-minute chart below.
IEF 60m April 5th
As such, IWM (Russell 2000 Small-cap ETF or /RTY, futures) offers an objective short entry here at the 205.30ish resistance level for both an active trade, targeting a pullback to at least the 213ish support by the close today (no double-overnight/weekend risk) and/or an add-on or new short entry for a swing short, following the recent breakdown, backtest & rejection off the primary uptrend line off the Oct /23 lows (plus divergent high & backtest of the bottom of the key late 2020-early 2022 trading range/topping pattern). 60-minute chart below.
IWM 60m April 5th
QQQ (Nasdaq 100 ETF or /NQ) also offers an objective short entry here at the 442.26ish resistance for active traders to fade today’s rally into the close (437.20 min. target) and/or swing traders anticipating a break below the key 433 level next week. 15-minute chart below.
QQQ 15m April 5th