Archive for the 'IWM' Category

Russell 2000 and S&P 500 Analysis for June 5, 2007

Thursday, June 7th, 2007

IWM
IWM
Path of least resistance: Up. IWM is near new all-time highs.
Major Price Points: The $80.50 area is support from the April 11th,12th, May 1st and 16th lows. $82 is support from an up trendline and the 50-day moving average. A break below this would be bearish. $85 is a new all-time high.
Minor Price Points: A 3-day downtrend should provide resistance at around $83.75.
SPY
SPY
Path of least resistance: Up, SPY is near new highs.
Major Price Points: SPY is supported below $150.
Minor Price Points: $154.50 is a new high. The 50-day moving average is at around $149. A 3-day downtrend should provide resistance at around $152.75
Worth noting: A 3-month uptrend line was broken recently with volume, which is a sign of weakness. SPY sold off yesterday with higher volume and finally closed below its 20-day moving average.
General Sentiment: The trend is up.

Russell 2000 and S&P 500 Analysis for June 5, 2007

Tuesday, June 5th, 2007

IWM
IWM
Path of least resistance: Up. IWM is making new all-time highs.
Major Price Points: The $80.50 area is support from the April 11th,12th, May 1st and 16th lows. $82 is support from an up trendline and the 50-day moving average. A break below this would be bearish.
Minor Price Points: A 7-day trendline should provide support at around $84.75, but IWM is gapping below this number this morning. Over $85 would be a new all-time high.
SPY
SPY
Path of least resistance: Up, SPY is at new highs.
Major Price Points: SPY is supported below $150. A 3-month uptrend line was broken recently with volume, which is a sign of weakness - but it didn’t last long as SPY bounced right back to new highs.
Minor Price Points: A new trendline should offer support around $153. The 50-day moving average is way down around $148. A 7 day uptrend line should provide support around $152.5.
Worth noting: SPY broke its 3-month uptrend line with volume recently, but still won’t trade below its 20-day moving average.
General Sentiment: The market is strong.

Russell 2000 and S&P 500 Analysis for May 31, 2007

Thursday, May 31st, 2007

IWM
IWM
Path of least resistance: Up. IWM is making new all-time highs.
Major Price Points: IWM broke above resistance at around $83.30 today. The $80.50 area is support from the April 11th,12th, May 1st and 16th lows. $81.50 is support from an up trendline and the 50-day moving average. A break below this would be bearish.
Minor Price Points: A 3-day trendline should provide support at around $83. Over $84 would be a new intraday all-time high. A 10+ day trendline should provide support at around $82.
SPY
SPY
Path of least resistance: Up, SPY is at new highs.
Major Price Points: SPY broke through resistance to a new high today. It is supported below $150. A 3-month uptrend line was broken last week with volume, which is a sign of weakness - but it didn’t last long as SPY made a new high with volume today.
Minor Price Points: The 50-day moving average is way down around $148. A 3 day uptrend line should provide support around $151.75.
Worth noting: SPY broke its 3-month uptrend line with volume last week, but still won’t trade below its 20-day moving average.
General Sentiment: The market is unstoppable.

Russell 2000 and S&P 500 Analysis for May 30, 2007

Wednesday, May 30th, 2007

IWM
IWM
Path of least resistance: Up, although IWM has traded sideways for the last month and a half.
Major Price Points: IWM is having trouble staying above resistance at around $83.30. The $80.50 area is support from the April 11th,12th, May 1st and 16th lows. $81.5 is support from an up trendline and the 50-day moving average. A break below this would be bearish.
Minor Price Points: A 10-day trendline should provide support at $82.
SPY
SPY
Path of least resistance: Up, SPY is at new highs.
Major Price Points: SPY is supported below $150 and resisted above $153. A 3-month uptrend line was broken last week with volume, which is a sign of weakness.
Minor Price Points: The 50-day moving average is way down around $147.
Worth noting: SPY broke its 3-month uptrend line with volume last week, but still remains above its 20-day moving average.
General Sentiment: The trend is up.

Russell 2000 and S&P 500 Analysis for May 29, 2007

Tuesday, May 29th, 2007

IWM
IWM
Path of least resistance: Up, although IWM has traded sideways for the last month and a half.
Major Price Points: IWM is having trouble staying above resistance at around $83.25. The $80.50 area is support from the April 11th,12th, May 1st and 16th lows. $81.25 is support from an up trendline and the 50-day moving average. A break below this would be bearish.
Minor Price Points: (none)
SPY
SPY
Path of least resistance: Up, SPY is at new highs.
Major Price Points: SPY is supported below $150. A 3-month uptrend line was broken last week with volume, which is a sign of weakness.
Minor Price Points: The 50-day moving average is way down around $147.
Worth noting: SPY broke its 3-month uptrend line with volume last week, but still remains above its 20-day moving average. Volume may be light after the holiday weekend.
General Sentiment: The trend is up.

Russell 2000 and S&P 500 Analysis for May 25, 2007

Friday, May 25th, 2007

IWM
IWM
Path of least resistance: Up, although IWM has traded sideways for the last month and a half.
Major Price Points: IWM is having trouble staying above resistance at around $83.25. The $80.50 area is support from the April 11th,12th, May 1st and 16th lows. $81 is support from an up trendline and the 50-day moving average. A break below this would be bearish.
Minor Price Points: A steep 2-day downtrend line should offer some resistance at around $82.75.
SPY
SPY
Path of least resistance: Up, SPY is at new highs.
Major Price Points: SPY is supported below $150. A 3-month uptrend line was broken yesterday with volume, which is a sign of weakness.
Minor Price Points: The 50-day moving average is way down around $147. A steep 2-day downtrend should offer some resistance at $152.50.
Worth noting: SPY broke its 3-month uptrend line with volume yesterday, but still remains above its 20-day moving average. Volume may be light into the holiday weekend.
General Sentiment: The trend is up.

Russell 2000 and S&P 500 Analysis for May 24, 2007

Thursday, May 24th, 2007

IWM
IWM
Path of least resistance: Up, IWM made a new all-time high today.
Major Price Points: IWM is having trouble staying above resistance at around $83.25. The $80.50 area is support from the April 11th,12th, May 1st and 16th lows. $81 is support from an up trendline and the 50-day moving average. A break below this would be bearish.
Minor Price Points: A steep 4-day up trend broke yesterday afternoon. $81.50 should provide support from the 10-day chart.
SPY
SPY
Path of least resistance: Up, SPY is at new highs.
Major Price Points: SPY is supported below $150. The up-trend line should give support around the $152-152.50 area.
Minor Price Points: The 50-day moving average is way down around $146.
Worth noting: SPY is close to its trendline, which should be watched for a trade. Volume may be light into the holiday weekend. The Russell 2000 - which has lagged the other indices - is strongest lately, possibly signalling a change of leadership.
General Sentiment: The trend is up.

Russell 2000 and S&P 500 Analysis for May 23, 2007

Wednesday, May 23rd, 2007

IWM
IWM
Path of least resistance: Up, IWM made a new all-time high today.
Major Price Points: $83.25 was resistance and should provide support if IWM can stay above it. The $80.50 area is support from the April 11th,12th, May 1st and 16th lows. $81 is support from an up trendline and the 50-day moving average. A break below this would be bearish.
Minor Price Points: A steep 3-day up trend would break below $83.25. $81.50 should provide support from the 10-day chart.
IWM
IWM
Path of least resistance: Up, SPY is at new highs.
Major Price Points: SPY continues to be supported below $150. A new up-trend line should give support around the $152-152.50 area.
Minor Price Points: The 50-day moving average is way down around $146.
Worth noting: Suprisingly (to me anyway) low volume on IWM today as it made a new all-time high, especially after the extremely large volume yesterday. I was disappointed with its move, as the $83.25 area was a nice line on the chart to break. The Russell 2000 - which has lagged the other indices - is strongest lately, possibly signalling a change of leadership.
General Sentiment: The trend is up.

Russell 2000 and S&P 500 Analysis for May 22, 2007

Monday, May 21st, 2007

IWM
IWM
Path of least resistance: Up, IWM touched a new high today with heavy volume.
Major Price Points: $83.25 is a new high - I am watching this number very closely. The $80.50-81 area is support from the 50-day moving average and the April 11th,12th, May 1st and 16th lows, an up trendline and previous resistance. A break below this would be bearish.
Minor Price Points: $81.50 should provide support from the 10-day chart.
IWM
IWM
Path of least resistance: Up, SPY is at new highs.
Major Price Points: SPY made another new high today. It continues to be supported below $150. A new up-trend line should give support around $151.50, and this was also previous resistance which should give support.
Minor Price Points: The 50-day moving average is way down around $146.
Worth noting: Heavy volume on the SPY and IWM today. The QQQQ had weak volume, although it broke briefly above the $47 mark to a new high. The Russell 2000 - which has lagged the other indices - was strongest today with heavy volume, possibly signalling a change of leadership.
General Sentiment: The trend is up.

Russell 2000 and S&P 500 Analysis for May 21, 2007

Sunday, May 20th, 2007

IWM
IWM
Path of least resistance: IWM is above its 50-day moving average, and near new highs, so the path of least resistance is up. However, it has traded sideways for the last month.
Major Price Points: $83-$83.20 is a new high. The $80-80.50 area is support from the 50-day moving average and the April 11th,12th and May 1st lows. A break below this would be bearish.
Minor Price Points: $81.5 has been an area of both support and resistance within the last ten days. A six-day downtrend was broken on Friday.
IWM
IWM
Path of least resistance: Up, SPY is at new highs.
Major Price Points: SPY closed the week at a new high. SPY continues to be supported below $150. A new up-trend line should give support around $151.50, and this was also previous resistance which should give support.
Minor Price Points: The 50-day moving average is way down below $146.
Worth noting: SPY closed at a new high Friday. The market continues to be bought on any dips. The Russell 2000 still lags the other indices. The QQQQ is being bought under $46 - and a breakout over $47 would be a bullish sign for the market.
General Sentiment: The trend is up.