The iShares Russell 2000 ETF (NYSEARCA:IWM) penetrated our stop level of 111.24.
This may be a false break to the upside. If so, we are prepared to re-enter the trade positioning short by going long the Direxion Russell 2000 Bearish 3X ETF (TZ) if IWM price action pulls back into the range and continues lower.
This action is typical market behavior during trend transitions. It can be frustrating. However, if this is a false breakout, then expect to see price action post an early high that will not be eclipsed.
Currently that high is 111.85.