The Long Investor

$IWM

Added 2024-04-20 12:48:14 +0000 UTC

$IWM finished green yesterday but really suffered this week and lost its 50 Day MA like the $SPY and $QQQ, it also came close its 200 Day MA....so although we saw rotation out of the Mega Caps on Friday, it is not transferring into Small Caps but more reliable Large Caps instead....this may trickle down to Small Caps next but losing the 200 Day MA will mean that investors are not considering $IWM as a safe haven right now.

I was considering adding $IWM if it managed to stay above the blue line in the bull case but on the retest it failed to hold.

I think the best case scenario if the 200 Day MA is lost would be to consolidate moving sideways above the $170 support level, which it has done since March 2022.

Not a buy right now.