Every day starts and ends for me with a review of daily chart of the 4 major indices. Today what’s notable? TheĀ IWM (etf tracking small caps Russell2000 index) is closing on the 100ma. This week it has already breached below its 1-week expected move (1 standard deviation) to the downside, now for the second week in a row. Since May, it has breached its weekly expected move to the downside in four weeks out of 12 weeks. In the same period the QQQ SPY have breached downside of weekly expected move 0 times. This tells me that the underbelly is very very soft and prone to fits of accelerated downside (i.e. breaching the 1SD move)
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