IWM Charts

The Russell 2000 (IWM) is a good, broad mix of assets, I suppose if I had to pick 1 bounce trade, it would likely be the IWM, depending on the situation, but all things equal, the IWM.

Not only is a broad index, that's the reason Bernie uses it as a benchmark for the market, but the IWM "should" be the leader of any risk on move or rally.

 IWM 1 min intraday, as I said the intraday charts in most everything in the 1 and 2 min (some 3 min) timeframes, have been sloppy and trendless, it was only the 3 and 5 min charts and this is why I suspected yesterday that any bounce / price strength wasn't coming right off the open as these short term charts needed to make moves to get in line with other charts.

The 2 min looked like scribble yesterday (yellow), but today you can see a clear positive divergence has developed in what would look like a bear flag to most technical traders so if they jumped the gun on the price pattern, they may just get their wrists slapped.

 The 5 min chart is not incredibly strong, but it's enough for what we are looking for.

As far as a roof on this thing or reminding yourself of the big picture , this is the 15 min chart leading negative in a huge way.

This is the same chart, just a closer view so you can see that nothing that's happened this week has changed the outlook or how we want to be preparing and what we want to be prepared for.