IYR’s in a terminating wedge … will it throw-over, or reverse from here?
American Tower (AMT), the largest cap in the ETF, bounced off a 23.6% projection during last Friday’s session.
That keeps a short term bullish possibility alive. Longer term, AMT still remains in a downward trading channel.
Bonds and the dollar continue at extremes. On the dollar side, it looks like a significant bottom is in the works.
Weekly UUP, MACD has posted a bullish divergence along with an MACD lines cross (to the upside) signal.
Bonds (TLT) remains at its near term lows; near support levels formed back in September, 2019.
IYR is right at the upper wedge boundary and volume (upside pressure) has dropped significantly.
It could still levitate higher … however, it seems that getting a significant ‘throw-over’ is going to require more energy than is currently available.
We’ll see what price action has in store for Tuesday’s session.
Charts by StockCharts
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