Comments on: IWM Wedge Target Hit, SPY Backfills Gap, QQQ Divergent High

By: rsotc

rsotc — Thu, 16 Nov 2017 20:05:15 +0000

I had earlier stated 147.43 as the pullback target for today following the tag of the 148.37 target earlier. Upon closer inspection via this 1-minute chart, 147.57 appears to be the first & only decent support level & most likely target. While a reaction if/when IWM gets there is likely, any impulsive & solid break below this level could send IWM even lower. Key Fibonacci retracements of today's rally (potential pullback targets), should 147.57 give way, would be 147.27, 146.92 & 146.57* (*those Fib retracement levels assume that today's high of 148.40 is not taken out first).

By: GetItRiight

GetItRiight — Thu, 16 Nov 2017 19:15:48 +0000

There’s no fading in this market. Honestly, I don’t know why the newfound enthusiasm compared to last few days. Politically, it’s the same situation, the tax bill needs to be passed in the Senate, not the House, which is not at all assured, relief rally I might understand but this big and continuous buying? Oh well, if you can’t beat them, join them. Best looking opportunity for me is XBI with the positive divergence on the 4hr and slowly on the daily. I missed getting into the semis, which are just a perpetual money maker.