Russell 2000 Index Tracking ETF
The near & intermediate-term outlook for the stock market via QQQ (Nasdaq 100 ETF), SPY (S&P 500 ETF), IWM (Russell 2000 Small Cap ETF) & MDY (Midcap 400 ETF) as well as analysis on the $VIX volatility index. Click the setting icon at the bottom right of the chart if you wish to increase the [...]
Both the small caps (IWM) have already broken below their primary uptrend lines off the early 2016 lows along with the mid caps (MDY). While both closed at support yesterday, IWM appears to be headed down to at least the 133.50 area with MDY poised to fall to at least the 305.35 area once the [...]
This video highlights some significant developments & divergence between the US stock market & the transportation sector. Both the near-term & intermediate-term outlook for the stock market & the transportation sector are covered in this video. The total run time for the video is 22 minutes however, you have the option to increase the playback [...]
The scenarios outlined with the dashed orange lines on the 60-minute chart of QQQ, SPY & IWM highlight my expectation for a pullback ranging from at least 1½-3% from the recent highs with a move down to as low as the 240.50ish level on the SPY quite likely. As we are now thick [...]
Analysis of the US stock market, various key sectors including gold & GDX.
Following a gap down today, QQQ reversed right at Monday's reaction low, which was support. A break below that level (~137.45ish) in the coming sessions would likely spark the next wave of impulsive selling while there is still plenty of work to do on the upside to undo Friday's bearish technical developments. 60-minute chart: [...]
QQQ has now retraced 61.8% of the recent drop, a typical Fibonacci retracement level of a counter-trend rally. My preferred scenario has QQQ reversing soon with a move down to the 136.54ish level before the next significant reaction. Should that support level break with conviction, a move down to the T2 zone is very likely. [...]