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| IWM Chart – We have a top, 2/9/12 |
I commence with my gratitude to The All-Knower
Stock Markets are trying very hard to get higher, but strong resistance caused by selling by the smart money is causing them to stop dead in their tracks.
What interesting is … to see the markets intra-day action. Market has been selling off, right after the open, this is where, smart money had been selling, then at the EOD, market is propped up, but ironically, it has been trading in within the range of the previous day(s). Thus creating doji for the last four trading days. IWM, which is the ETF, representing 2000 stocks from US stock markets, has been showing sign of real weakness. See the attached chart.
My tweaked indicator is saying we have a top. Potential Island Reversal…… potentially staring as early as from tomorrow. The momentum has peaked in prior tops, at/about same level, as shown in the chart. Said pattern of momentum indicator, has successfully called the tops in the past. I believe that is the case now, again… Therefore, get a list of your favorite shorts ready….
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