The sell-off in the small cap ETF, seen below on the hourly timeframe zoomed-out, suggests an undershoot of prior support.
You can also plainly see the waterfall effect since last Friday morning’s vicious fade of the nonfarm payrolls number pop.
As a result, we could now easily see a bounce or consolidation. Then again, that may be too obvious or expected, which is just one reason why I am not interested in playing it. I still think there is risk of another washout into the end of the day.
Still, if we do get that bounce I would look at the $114 area to provide overhead supply.
_______________________________________________________
Chess, thanks for the great input. off topic : SBUX : what is Stop Loss and where are your Targets and why, please – thank you.
Jon, all of that info is available inside 12631 – Please see here for details https://ibankcoin.com/12631/features/?utm_source=ibcblog&utm_medium=cpc&utm_campaign=sidebar-ad