Quote Originally Posted by Pierre Brodeur View Post
Just a few cents away from a great day trade as with hindsight yesterday's high would have been a great entry point. Ah hindsight...!
What is of interest to me here is that IWM has been demolishing the estimated First Support cluster for today even breaking through dma50 on its way to DS3. I realize that there is some Weekly and Quarterly support below but it does not appear strong or does it?

With your multi year experience using clusters, I think I would enjoy, at your convenience, how you see today evolving as a tutorial after your initial tutorial post, if you have the time, which perhaps you may have given your current neutral stance
Pierre,
There is nothing much else to say than IWM followed its path of least resistance, refusing to test the strong first resistance cluster (strength of 24) and breaking abruptly the whole weaker first support cluster (strength of 12). It could not even hold for more than a few minutes at the 50 dma, a sign that institutional players were not waiting in ambush for a buying opportunity at their favorite entry level.
Now, the second support cluster (strength of 10) is already penetrated. Weekly pivot (82.78) is a potential intraday and intra-week bottom area, otherwise, there will be no support before Quarterly pivot (81.80).
I am amazed by how treacherous all technical signals are currently and by how well the robot behaves under such conditions. Happy to be and stay in cash.
Billy

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