The IWM, QQQ, and MDY all broke support on Thursday. These represent the mid-cap stocks in the SP500. The IWM broke on heavy volume which suggests a possible follow through on Friday. The next major support level for the IWM is at the 200 ma, which is 113.91.

As Ron Haydt mentioned in his Thursday analysis, ‘..it seems that the market is moving towards a ‘risk off’ period’, with profits being taken before most earnings are announced. His analysis is here on Youtube.

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