Comments on: US Stock Market At Resistance

By: rsotc

rsotc — Mon, 10 Oct 2016 17:06:28 +0000

In reply to Teeps01. IWM does appear to be flagging on the 5-minute but as @Whatthemark replied, that flag is getting a bit too big in relation to the flagpole. Certainly worth monitoring though, should IWM impulsively breakout above that flag-type small descending channel. Today is typically a low-volume trading day (Columbus Day holiday) as the bond market is closed but I would expect this market to either start moving up or down soon as traders should be returning from lunch now (1pm EST).

By: Whatthemark

Whatthemark — Mon, 10 Oct 2016 16:26:55 +0000

IMO, too long for a flag, look at the 5 min time frame and you'll see it.

By: Teeps01

Teeps01 — Mon, 10 Oct 2016 16:13:21 +0000

Is IWM bull flagging do you think?

By: rsotc

rsotc — Mon, 10 Oct 2016 15:14:03 +0000

In reply to Whatthemark. Agreed. That's why I gave my IWM short position as little room, with my stop somewhat above the actual resistance level & basing it on a 60-minute candlestick close to boot. That will hopefully avoid any stop-raids & keep me in the trade.

By: Whatthemark

Whatthemark — Mon, 10 Oct 2016 14:45:45 +0000

With the light volume, I could see the market makers propping the market to clear some stops.