The Russell 2000 Index’s ETF chart, 30-minute timeframe first below, shows some wild price swings today beneath the well-defined resistance trendline dating back to early-August. So, until we see resolution the presumption remains one of a corrective market with pockets of momentum.
One idea I am day trading (and possibly swinging) long inside 12631 is MTL, a Russian steel play finally seeing some rotation, proabably from the coals. Keep an eye on this well-defined channel, second chart below of the daily, to see if we get a bonafide breakout after a long period of time of backing and filling.
The GNC long is also working well, while a few of my shorts are floating up just under 1%.
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