Thursday, 12 April 2012

2pm Update - IWM/Rus'2000 index

The Rus'2000 index is having a strong day..leading the way once again.


The bears have two clear lines to defend.
1. The 10MA at 81.50 - which we'll probably test Friday or Monday
2. The back-test of the October up trend...which will be around 83.50/84 next week

Clearly IWM above 85 would invalidate ALL bearish talk/outlooks,and then the door is open again for a move to 90..even 100 later in the summer.

Quick look at iwm 60min cycle

83.00 sometime early next week looks very viable - that would equate to sp'1410  -which would very much kick out almost every bear who has recently been adding new short positions.

More after the close.