IJJ dominated by bulls lifting the market higher throughout the day

iShares S&P Mid-Cap 400 Value ETF (IJJ) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team


IJJ dominated by bulls lifting the market higher throughout the day
IJJ closes higher for the 2nd day in a row
IJJ pushes through Monday's high


Moving higher for the 2nd day in a row, IJJ ended the month 0.54% higher at 132.94 after gaining $1.52 (1.16%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 131.72, the ETF confirmed its breakout through the prior session high after trading up to $1.61 above it intraday.

Daily Candlestick Chart (IJJ as at Jun 30, 2020):

Daily technical analysis candlestick chart for iShares S&P Mid-Cap 400 Value ETF (IJJ) as at Jun 30, 2020

Tuesday's trading range has been $2.27 (1.73%), that's far below the last trading month's daily average range of $3.91. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IJJ.

Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on June 8th, IJJ actually lost -2.26% on the following trading day.

The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Buying could speed up should prices move above the close-by swing high at 136.34 where further buy stops might get activated.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for IJJ. Out of 127 times, IJJ closed higher 59.06% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 66.14% with an average market move of 0.73%.

Market Conditions for IJJ as at Jun 30, 2020

Loading Market Conditions for IJJ (iShares S&P Mid-Cap 400 Value ETF)...
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