IWM Irony

At the end of last night's video I showed 2 charts of the IWM that could in effect explain what we were looking for and expect, you may remember the large ascending triangle in the IWM, the recent head fake / stop run below it and the 10 min positive with the second chart being a longer 15 min leading negative, the implication being, "short term up/longer term down".

This morning as the government shutdown is going on 10 hours, the IWM looks to be trying to make that breakout.

I'm not saying the IWM is much stronger than any of the other averages, although thus far it has the best relative strength, but it does have the most important break-out pattern which it's not too far from.

IWM 10 min, a break above the triangle would seem to be the most likely course before a drop back below it.

Futures are either vary flat or scattered, depending where you look. Interestingly yesterday Gold and Silver didn't really have any solid clues, this morning they were sold off in discount style, not the typical distribution leak lower, but as if the market suddenly discounted the market shut down in both, having previously not decided which way they go in case of a shut down.

It's still very early in the day, hopefully things will clear up, this is why I'm not making any moves unless I have good, specific reason to do so.