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Stock Market Russell 2000 Leads The Way For Technical Analysts

Stock-Markets / Stock Markets 2019 Mar 22, 2019 - 05:40 PM GMT

By: Chris_Vermeulen

Stock-Markets

The Russell 2000 ETF continues to deliver critical technical and longer-term price patterns for skilled technicians.  Combining the IWM chart with the Transportation Index, Oil, Gold, and others provide a very clear picture of what to expect in the immediate future.

Recently, we posted a research article about the Head-n-Shoulders pattern setting up in the $INDU.  Again, the IWM chart is also showing a very clear Head-n-Shoulders pattern with critical resistance near $159.50 and support near $144.25.  Our researchers, at Technical Traders Ltd., believe this right Shoulder will prompt a downside market move towards support near $144.25 before a downward sloping wedge pattern sets up.  This first downward price leg will setup and congesting wedge formation that will, eventually, break to the upside and drive market prices higher.


We authored a research article about this pattern setup on February 17, 2019.  You can read it here.

Skilled traders watch all the charts to assist them in identifying characteristics that can assist them in understanding price moves, key support/resistance levels, and price patterns.  This IWM chart should be on everyone’s radar at the moment.  Where the IWM finds support, so will the other US stock market indexes.

WEEKLY IWM RUSSELL 2000 INDEX PATTERN

The IWM setup indicates we may only see a 5~7% downside price swing before support is found.  We’ll have to watch how this plays out over the next few weeks/months to determine if the $144.25 level is true support or if the lower $137.00 level will become support.  Either way, the downside price swing appears poised to unfold over the next few days/weeks – so be prepared.

Please take a minute to visit www.TheTechnicalTraders.com to learn how we can help you find and execute better trades in 2019.  We have already positioned our clients for this move and we believe we can help you stay ahead of these markets.  Visit www.TheTechnicalTraders.com/FreeResearch/ to read all of our most recent research.

Chris Vermeulen
www.TheTechnicalTraders.com

Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and is the author of the book: 7 Steps to Win With Logic

Through years of research, trading and helping individual traders around the world. He learned that many traders have great trading ideas, but they lack one thing, they struggle to execute trades in a systematic way for consistent results. Chris helps educate traders with a three-hour video course that can change your trading results for the better.

His mission is to help his clients boost their trading performance while reducing market exposure and portfolio volatility.

He is a regular speaker on HoweStreet.com, and the FinancialSurvivorNetwork radio shows. Chris was also featured on the cover of AmalgaTrader Magazine, and contributes articles to several leading financial hubs like MarketOracle.co.uk

Disclaimer: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Technical Traders Ltd., its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including this report, especially if the investment involves a small, thinly-traded company that isn’t well known. Technical Traders Ltd. and the author of this report has been paid by Cardiff Energy Corp. In addition, the author owns shares of Cardiff Energy Corp. and would also benefit from volume and price appreciation of its stock. The information provided here within should not be construed as a financial analysis but rather as an advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Technical Traders Ltd. and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect.

Chris Vermeulen Archive

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