From this post over the past weekend, I laid out my reasons for being bearish on the IWM literally 2 days from the 2/25 top – BUT what did I specifically say in that post – there should be a bottom in the upcoming (this current) week, and watch the ACTUAL leaders (cloud stocks) and watch for a change of character in the IWM:
“..the new leaders (cloud stocks, as I 100% correctly forecast last Fall) are not big enough overall to lead/power the market yet, they are in powerful uptrends, the FIRST leaders are the ones which have the biggest moves when the market breaks out, the IWM kept/keeps going to lower highs, WAY BACK on 2/27 I started warning about the LAGGING in the IWM very early to recognize that, people have piled into the FORMER leaders dumb dumb, there should be a minor bottom this week, the big LOVED stocks are a mess in downtrends (listed on the charts), waited for AFTER the Fed to start shorting (discussed on QQQ chart) will see if IWM can change character…”
And those ACTUAL LEADERS, cloud stocks, reread this post, as I have huge winners in those stocks. And ZS was specifically discussed again, here, and is up another 20% since then.
As to the indexes – has there been a change of character? All of my thoughts are on the charts below.
The charts from the previous post are first, followed by stock market updates for people for this week. And again – are you getting anywhere near this type of outstanding work, updates, advice from anyone else?:
And this week’s updates for clients:
