IWM and SPY in Precarious Near-Term Technical Positions

Both iShares Russell 2000 (IWM) and SPY (lower chart) are in tenuous technical positions right now.

IWM has violated key support at 134.80/40, but has yet to follow-through to the downside, while SPY is probing, piercing, its Nov support line.

Let's see if the bears can get any traction to the downside after inflicting initial technical damage.

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