Pre-market action has all major indexes trading lower; SPY, DIA, QQQ, SOXX and IWM; all down.

Real estate, IYR has no real pre-market volume (20-shares) so its open is unknown. However, inverse fund DRV, does have volume (3,700 shares) and its action is up about 4%.
The daily close chart of IYR (above), has price action contacting an established axis line.
That was yesterday. Over the past two-weeks, as price ratcheted higher volume has declined (circled area enlarged).
That decline indicates lack of commitment at these levels.
Yesterday’s close also put IYR firmly in up-thrust position (ready for reversal).
Over the past week, short positions were opened using DRV (not advice, not a recommendation)
Average price of the short equates to DRV @ 9.92; not far from current pre-market trading.
If IYR posts a new daily low (below 86.62), it’s another data point the anticipated reversal may be at hand.
The rising action has changed the P&F forecast reported a few days back. Updates will be forthcoming.
If this is the start of a sustained reversal, the plan is to build the short position as price action dictates.
The downside of the entire market (S&P, Dow, etc.) is immense. Commercial real estate is especially vulnerable. Price action itself tells us that.
Stay Tuned
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Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.