IWM sold hard into the close. the SPY & QQQ also turned down at resistance and took some selling into the close although unlike IWM/$RUT, they managed to hold onto the bulk of their gains today. tomorrow should be interesting. the fact that AAPL bounced off S1 and did not hit T1 today was surprising, but not shocking, as AAPL is still #1 on everyone’s “buy the dip” list. at this point, the move today was nothing more than a near-term oversold bounce off support after a technical break-down (from the patterns on the 60 min – 4 hour charts. AAPL remains an active short trade for now but i will continue to monitor and post any ideal stop levels if we get some follow-thru to the upside tomorrow. here’s the end of day 1-minute charts comparing the key index etf’s (SPY, QQQ, & IWM) along with an IWM 15 min chart, showing how impulsively it was rejected off that resistance zone posted earlier.
