$IWM RECAP of Last Week Feb 10-14

YOU DON’T WANT TO GO LONG AT A DOWNWARD FACING MOVING AVERAGE - And in Friday’s Trading Range we had two of them. The 50 Day Moving average and the 30min 200MA and we got SMACKed back down after gapping over those on Friday.

So Last Week was inflation Data.

Monday we opened under the 35EMA and the 35EMA was underneath the 30min 200MA. That is a bearish signal. You can see how it acted as resistance and Tuesday we followed through with a gap down.

Wednesday was CPI which came in hot and we gapped down to start the day and then traded up but still closed in the red.

Thursday was PPI which was also hot and that brought us back to the 35EMA and we closed above it.

Friday we made a run for the 50 Day moving average and opened with a gap above it - and you don’t want to go long at a downward facing moving average. Just a general rule of thumb and the 50 Day MA has a pretty decent downward momentum teamed up with the 30min 200MA that was going to get smacked. It just was.

IWM closed flat on Friday -.08%