IWM Support and Resistance

[Mike]

Pascal showed ichimoku support on IWM around 112, 2% below the current price.
I decided to dust off Billy's Pivot cluster analysis and see what that says.

I show a first support cluster below the current price made up of the S2-Weekly Pivot, S1-Monthly Pivot, Quarterly Pivot, and S3 Daily Pivot with a cluster weighting of 11. This support cluster centroid is about 3% below the current price.

I show a first resistance cluster less than 1% above made up of the R1-Daily Pivot, Daily Pivot, Monthly Pivot, 50-day Moving average and the Weekly Pivot with a cluster weighting of 11. Since the IWM just penetrated this level, a bounce above would quickly turn all of these resistance levels into support

Shown on the chart are the next level up and down clusters with cluster values of 7 and 11 respectively.

We may have entered a no-mans region between the first support and first resistance clusters unless as said we quickly get back above the first resistance cluster.

[sally]

Thanks. Sally