Is SPX Ready to Break Higher as IWM Builds a Launchpad?

SmartReversals
15:51

1. $S&P 500(.SPX)$

Since only Tech sold off while $Financial Select Sector SPDR Fund(XLF)$ rallied and other sectors held firm, bullish potential remains.

With MACD and Stochastic crossing bullishly, the outlook stays positive as long as $6,910 holds and the diagonal is finally breached.

SPX - 15 minutes chart:

Key moment to see if this time is different, and the gap is filled the next day.

2. $iShares Russell 2000 ETF(IWM)$

IWM closed in the green while the $S&P 500(.SPX)$ and $NASDAQ 100(NDX)$ suffered losses.

837M in outflows in small and micro caps last week

MACD crossover in the making + Bearishness

= The volume shelf appears to be forming a launchpad.

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