The opening gaps lower could have evolved into something worse Monday, but indices did well to stay close to their open price, even managing an intraday rally, but not enough to make new highs.
Again, the index to watch is the Russell 2000 (via i
Shares Russell 2000 ETF (NYSE:IWM)); yesterday's inverse hammer would normally be considered a reverse candlestick, but as it didn't occur at a swing high its significance is reduced. However, we have an index which is lurking near breakout support and looking vulnerable. On the good news front, selling volume was light.
IWM Daily Chart (Image not shown due to low ratings)
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