To update the Russell 2000 intraday analysis from yesterday, the small cap ETF is at the apex of its 30-minute chart triangle.
Watch for imminent resolution now.
Long Idea: SWC over this morning’s highs.
Short Idea: If V holds under $208.
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Although Nike seems like it should be viewed as old hat shoes, the Dow component is most certainly relevant in terms of its potent brand and international growth.
The issue is whether the stock is topping out after a steep multi-year advance, or simply basing yet again for another thrust higher.
History says these types of weekly chart trends, below, are not sustainable without a sharp reset, though the stock did have more sideways action in 2011/12 than, say, a bonafide extended name like Union Pacific.
Still, I suspect the outcome of the current range highlighted below, should be a good tell into the end of summer and fall months as to Nike and many other consumer stocks’ next directional move.
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A few of our 12631 Trading Service members caught the GPRO IPO intraday break of $31.50 for a scalp.
Observing the new issue’s chart, below, $32 now figures to be the next logical level to clear.
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The small cap ETF has morphed from s 30-minute chart rising wedge into a more neutral pennant, seen below.
There is select momentum today, namely in TWTR and solar stocks.
But, overall, I am looking for resolution from this pennant before I do much else.
What are you trading on this slow, summer day?
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