IWM which is the ETF for the Russell 2000 made a bearish engulfing candle yesterday.  Of course we need to see confirmation of that signal with a lower low, but it is time to put the brakes on the long side trade for the swing traders out there.

Since July the market has been on a tear and we have seen very few pullbacks so if we get some confirmation here 5-7% in IWM is not unreasonable.

I will keep blogging on this topic until it has resolved one way or the other.

Happy Trading!

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