IWM short - potential new resistance levels
Broke through the upward channel support at around 3:05pm today, so more pain likely to come. Now were almost right up against the 100 day MA but I doubt that holds with the strong momentum downwards. Likely down to the next level of trend resistance at around $150. With the 200 day MA at 147.50 and high volatility, it sets up a scenario of blowing through the 150, bouncing off the 200dMA at 147.50, then settling back at 150 after volatility subsides. If the 200dMA is taken out, we'll drop quickly to the Feb 2 lows of 142.50. After double topping, this could be the start of a new long term downtrend. Watch out below.
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