Commentary

11/19/21 The Homestretch

The consecutive weekly white candle streak ended at five. All of the candles were shaped about as good as they get. The more recent two week period looks more like a consolidation than a topping pattern.

The November low of 458 is probably important because it was probed last week. Any minor weakness should be contained by the 13 week average at 451.

The 52 week SMA has been rising quickly. The higher it gets, the more likely it will be hit.

IWM has now retraced most of its breakout from the 10 month consolidation pattern. With QQQ and SPY holding up so well, it is not clear if the potential annoyance is worth a play here. The 54 day SMA at 227 is an interesting level.

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