TECHNICALS IWM

A few traders have asked if I have an opinion on the Russell Small Cap Index (IWM). My take is, like the general market, the IWM is more of a sell than a buy. The index was making new highs until about ten days ago when it started turning down. It has now bounced from that oversold condition and is probably a short here or a little higher. The key momentum indicators have not gone up to the new highs with the index indicating the momentum forces are receding and the index will probably turn lower.