With the IWM being the ETF for the RUT (Russell 2000) I thought it may be wise to also post the RUT chart itself, as it does have a slightly different look, suggesting perhaps some support, before moving lower again.
Link to RUT weekly chart: https://postimg.org/image/f1x96eg25/
Now on to the SPX hourly... the indicator line did find slight support at the UTL / -100 lines, as I suggested when I last posted it, but also was rejected by the same and resumed downward. There is a lesser UTL under the price bars at the ~2413 price level, if that fails to hold, then the next lower price target would be the ~2350 range.
Link to SPX hourly chart: https://postimg.org/image/w69yvbykt/
The SPX daily fast momentum chart is significant, as it clearly shows the price support at the middle tine of the Andrew's Fork failed and the major UTL support of the indicator line also failed. There is a different series of fib levels on this chart, based on fib extensions of wave-i high of ~2111, so price support is possible down at the ~2116 level, and there may be some support also found at the zero line on the indicator chart.
Link to SPX daily fast momentum chart: https://postimg.org/image/526y48u6l/
Next, the SPX weekly fast momentum chart also shows clear broken TL support on the indicator line, so as I last suggested, it seems the next target would be the dashed UTL below... twt.
Link to SPX weekly fast momentum chart: https://postimg.org/image/fqap3345p/
Finally, I accidentally posted an incorrect chart last week, and apologize. This is the SPX weekly slow momentum chart that should have been posted... it shows the indicator line resting at a confluence of UTLs, which may provide for a slight bounce, though ultimately, if the ST trend remains down, it will drop through and likely attempt to find support at the next lower minor UTL... and again... twt.
Link to SPX weekly slow momentum chart: https://postimg.org/image/m59pzravh/
Edited by tsharp, 20 August 2017 - 10:20 AM.