Hello my dear friends. I wish you are having a very good Dunday. Today I want to comment about the market´s situation. To do this, I will use the chart of IWO, which represents the Russell 2000 Growth iShares. In general, this chart does not look good. IWO was not successful with the test of SMA20 and now faces the SMA50 test. If unsuccessful in the following days, probably would be a major correction.
My main internal indicator called Money Stream has fallen below its SMA22 in different frames. A clear bear indication. Similarly, MACD histogram has gone into negative territory and RSI is positioned downward.
All these indicators suggest a high probability of correction for IWO. In my opinion, will be very important what happens in the next few days when IWO front SMA50 test. If not successfully resolved this test, would be facing a major drop in the coming months.
via StockCharts.com
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