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The back and forth action boring? About to put you to sleep? The markets love to put investors to sleep per lack of action or a narrow trading range…stay on your toes here, especially with the Dollar testing support!
The 500 index continues to face longer term resistance in the two “weekly charts” above and the past few days, including this morning, the 500 index has made another “bearish upside wick” and at the same time the U.S. Dollar looks to be doing the opposite!
In the past sizable bearish wicks like this, close to the top of the trading range, didn’t lead to higher prices.
I continue to believe an opportunity lies in what the “Power of the Pattern” is suggesting in this quiz chart (see chart here) Picked up RWM due to the quiz and the patterns continue to reflect a two-thirds chance RWM will rise in price, via scoring on defense! A one-third chance remains in place that IWM could break to the upside, keep RWM stops in place.