couple of salient points regarding the rusty 2000 and small caps
IWM blew thru its 200 week ma today and closed on weeks low
Russell futures sitting just above same average
The weekly bars here 70 pts down, RSI not yet oversold when compared to similar action
Daily however suggesting a 2-3 day rally soon
Many gaps in play above from this week and max pain 1130
What's it all mean..... Unless they save things soon we are going back to to the new year gap at 850 from 2013 but expect a rip ur face off rally somewhere between Mon and opex on the 22nd
In previous January s with sell offs the selling has typically occurred in two distinct waves with the daily RSI 9
Signaling the turn when it's oversold for a 2-3 day bounce before a second wave of selling
This isn't a typical jan sell off tho...trade safe
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