If IYR’s reversing, we’ll get continued downside action.
Earlier today, low risk potential for going short IYR (not advice, not a recommendation) was presented.
At this juncture, risk for going short is approximately the distance from today’s high to the last session high … about 0.49-pts.
The past four sessions have posted lower daily highs, lower daily lows.
Today was a test of the reversal. Volume was down significantly (-63%) from the prior session.
Contracting volume on the way up shows lack of commitment. The reversal has been tested; at this juncture, there are few buyers.
From here, expectation is for lower prices; beginning with a lower open at the next session.
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