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Small caps created a rather large bearish wick last week, which is often bearish, at (1) above. As we all know one week doesn’t make a trend. What has my attention is this…This weeks price action is breaking rising channel support at (2). If we close the week below this line (looks like we will), selling pressure could pick up.
Speaking of bearish wicks, check out below.
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Shared with Premium members to short Bio Tech on 2/28 and they added the Russell to the short list of late. Since then IBB has created several bearish wicks. Nothing wrong with looking to buy stocks at a discount. With the Russell just now breaking support, we plan to look for stocks at lower prices to buy, will be looking for reversal wicks down the road.
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