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Russell 2000 (TWOK ETF): A Runaway Train?
June 7 2016 ( From TradingView )
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The Situation
The Russel 2000 Index (TWOK ETF) is trading like a Runaway Train to say the least.Here is some Technical Observations:
1) TWOK ETF is now at 24.8% from its bottom reached on February 11 2016
and SP500 (SPY ETF) is at only 16.7%. 2) TWOK ETF from highest peak price (reached on June 23 2015) to the
lowest price yet (reached on February 11 2016) was 27.2% and only 15.2% for the Mighty SP500 (SPY ETF). So the TWOK ETF outperformed tremendously lately the Mighty SP500 Index (SP ETF) on a relative basis (ratio of TWOK over SPY). Interesting to note that this ratio reached the bottom of this cycle on February 9 2016 and now near at the resistance trendline that started back since June 2015. (See first chart below - Blue Trendline - Ellipse).
But the real interesting part is that it is the first time that we close on a relative basis above the 200 DMA (Day Moving Average), last time was on September 21 2015! and Bulls need to protect that zone from now on...
(See first chart below - Green Line - Ellipse).TWOK ETF is still trading within a tiny Uptrend Channel since May 19 2016.
(See second chart below - Channel).
Russell 2000 (TWOK ETF): A Runaway Train? $SPY, $IWM #Trading #russell2000 #SP500
Daily RATIO
TWOK ETF vs SPY ETF ( Candles )
20 DMA ( Yellow Line )
50 DMA ( Red Line )
200 DMA ( Green Line )
Financialiceberg.Com
TWOK ETF
Daily Candles - Right Scale
20 DMA ( Yellow Line )
50 DMA ( Red Line )
200 DMA ( Green Line )
Financialiceberg.Com
