IJR closes higher for the 3rd day in a row
iShares Core S&P Small-Cap ETF (IJR) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IJR finished Wednesday at 72.72 gaining $0.49 (0.68%) on low volume. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (IJR as at Sep 16, 2020):
Wednesday's trading range has been $1.31 (1.81%), that's slightly above the last trading month's daily average range of $1.29. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IJR.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on September 9th, IJR actually lost -1.34% on the following trading day.
The market managed to close back above the 50-day moving average at 72.38. After spiking up to 73.69 during the day, the ETF found resistance at the 20-day moving average at 73.57.
While IJR is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for IJR. Out of 99 times, IJR closed higher 56.57% 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 71.72% with an average market move of 1.31%.