IJT closes higher for the 3rd day in a row
iShares S&P Small-Cap 600 Growth ETF (IJT) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IJT ended Wednesday at 180.57 gaining $1.01 (0.56%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (IJT as at Sep 16, 2020):
Wednesday's trading range has been $2.56 (1.42%), that's slightly below the last trading month's daily average range of $2.82. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IJT.
Unable to break through the key technical resistance level at 180.67 (R1), the ETF closed below it after spiking up to 182.70 earlier during the day. The failure to close above the resistance might increase that levels significance going forward.
Although the market is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for IJT. Out of 487 times, IJT closed higher 55.24% 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 56.26% with an average market move of 0.66%.