Path of least resistance: Up. The trend is up and the IWM is at new highs.
Major Price Points: $82-$82.25 is support of a 2-month trendline. A break below this shows weakness. So far this line has been an excellent place to go long.
Minor Price Points: $83 still looks like a price to watch for new highs.
Worth noting: Everything is saying IWM closed at $83.17 - but that’s not what I saw. Strange. It makes the chart look stronger than today really was. Anyway, the Russell 2000 is still lagging the other indices.
It is also worth noting that the volume has been declining, while the price is rising. It would be more bullish to see this move up with increasing volume.
General Sentiment: The market is on fire.

“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil

– Click here for today’s full list –

“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil

– Click here for today’s full list –

from babak

Path of least resistance: Up. The trend is up and the IWM is at new highs.
Major Price Points: $81.70-$81.90 is an area of trendline support. A break below this shows weakness.
Minor Price Points: $83 is a new high.
Worth noting: While the QQQQ, DIA and SPY are all ripping away to new highs, IWM is lagging and is the dog of the bunch.
General Sentiment: The market is on fire.

Today was a nice rally day. Unfortunately the Russell 2000 was kind of choppy and lagged the other indices. I did okay, but on a day like today I never feel satisfied. I could always do better.

“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil

– Click here for today’s full list –

“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil

– Click here for today’s full list –

Path of least resistance: Up. The trend is up and the IWM is very close to new highs.
Major Price Points: $82.50 ($82.64) is new high territory on the IWM. This is resistance and a move over this with volume is a breakout. $81.50-$81.70 is the area of trendline support. A break below this shows some weakness.
Minor Price Points: None.
Worth noting: The QQQQ, DIA and SPY are all trading over their February highs, while the IWM is not. The IWM is lagging and is the weaker of the indices.
General Sentiment: The market bounced off of support with volume, showing some strength.

Well the last week and a half has sucked. I can’t seem to win and I’ve given back all of this month’s gains.
But with trading it is important to not dwell on your mistakes. Learn from them, but you have to get over it. Trading is all about psychology and you really just have to roll with the punches and do the best that you can. Otherwise it is mental torture.

I’ve realized that I am not paying enough attention to the daily charts. I have been mostly looking at the intraday chart. I believe this is a mistake and I now plan to put more focus on the daily chart. For example, today the ER2 opened very weak with volume - so it looked like a down day and I got chopped up trying to play it that way. However, if I had looked at the daily chart (which I will post later), I would have seen that the ER2 bounced right on its trendline. Starting today I will post a chart of the IWM every day, with trend lines and analysis.
One thing I have learned about life with trading is that you can’t really control yourself 100% of the time. It’s just impossible. You will eventually do something that you would rather not, or something that you regret. This doesn’t mean that you shouldn’t try to control yourself. It just means that you shouldn’t expect to be able to control yourself all of the time. Keep trying, and do your best, but understand that you will make mistakes.