Watching IWM move sideways in the 60min time frame. While the Q’s have been doing quite well this week, IWM is stuck in a rut, no pun intended. Obviously market can rally without the small caps, but to validate the rally the small caps must soon join in the fun.
Round # resistance and support levels are the hash lines and recent support and resistance levels are the solid green lines. Which way will IWM go? Seems to be trying to make for the upper resistance levels as of noon.
Disclosure: I did go long some TNA this A.M. as I anticipate IWM will be dragged higher. But I could be totally wrong.