$IWM Recap of Last Week Feb 18-21

Last week IWM opened up and got rejected right away at resistance and there was a LOT of resistance there - the 50DMA being the Main one - being a Downward facing 50 Day Moving Average.

Tuesday and Wednesday we continued to get rejected at the 50DMA

Thursday we gapped down and dropped

And on Friday we opened with a pop to almost the top of the implied move and got SMACKED by the dognap and the downward 50 Day Moving Average.

Were you guys watching Stupid willy below? Tuesday end of day we got the red signal line and it plain out all week. From last Friday to Tuesday we saw a bearish divergence and then the red signal.

Wild day, y’all!! And wild week.

Moral of the week - DON'T go long at a downward facing moving average.