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Market Summary: TZA At A Pivot

|Includes:iShares Russell 2000 ETF (IWM), TZA

The Direxion Russell 2000 Bearish 3X ETF (NYSEARCA:TZA) shown below appears to be at a pivot-point.

The downward thrust action has slowed over the past three sessions and TZA closed higher for the day.

(click to enlarge)TZA DailyClick to enlarge

Chart by TeleChart

The objective here is to get in position for a retracement in the iShares Russell 2000 ETF (NYSEARCA:IWM). This nascent retracement might develop into something larger.

If the IWM goes into a full-fledged reversal and begins to trend down, one wants to be fully positioned long before a down-trend is obvious to all.

This update is brief as the objective now is to begin to pull back to the weekly charts to monitor the overall trend(s).

Subsequent updates on this position in TZA (and IWM) will begin to use the weekly charts for trading decisions (unless stopped out of course).

The current stop in TZA is 16.82.

Disclosure: I am long TZA.

Stocks: IWM, TZA