ETF Update for Monday April 2

The 240 min. chart of IWM, iShares Russell 2000 index, is very interesting. We have come down from the uptrend line resistance which just happened to be where the .76 fib. level was. Now we are at daily, 240, and 60 min. support. It looks to me that we are setting up for another move up, but I am also aware of the resistance. I need to see more price deterioration to start thinking short.

The 60 min. chart of IWM shows the pullback to the 200 moving average support and the .38 fib. support level. If price can get above the trend line and the moving averages cross up I would look to go long some where around 79.79 with a profit target of 82.45.

In my previous post, I suggested going long SPY on a break of the downtrend line at support here. Price did break the trend line, but shot back down on the news about trade with China. I personally did not make the trade because I was not at my computer for most of the day, if I did take the trade, I probably would have been stopped out. It was a very volatile day that was hard to peg where price was heading.

Still long EEM, still acting o.k., stop loss is at 113.39.