Market view

Markets did end up quite flat after a sell off for the whole weak , but imo a very weak bounce we got and ended markets nearly flat.

There are 2 possibilities for what I think now as indicated in the charts - if we dont close below 1300 I will most likely take gains of my shorts since 1333 and go long , but if we close below 1300 I am going to hold my shorts.

For now the short term trend is still down and TZA has been a big fat gainer of last few sessions.
There is a potential inverse HS pattern setting up , which is very bullish and thats why I am probably going to take profits if we dont break below 1300...

2 counts on my chart the green and red. Right now the trend still remains down and I have not got any buy signals , so I would continue to short until otherwise.

The critical area in IWM chart is at 80-81ish level , watch this level closely , if we get there , watch if we get a lot of buyers comming in ( then probably bottom ) if not , we may have a fast and big sell off....

Big trendline support from september lows there , note that the small caps has been hit harder than overall markets recently.

I wont be here as I am going to Norway over the weekend , so going early off for weekend - but watch those levels or maybe stay on sidelines.

Will update on Sunday again

Have a nice weekend