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The iShares Small Cap Index ETF($IJS)is trading at new 2018 lows today.  Yesterday the index suffered its biggest loss of the year(-4.5%)but was still able to hold above a major support zone.  This key area is beginning to give way today.

At this morning’s low the $IJS had stretched the drop from the 2018 highs to 18%.  Since the Oct. 10th break below the 200 day moving average the index is off 12%. 

There is very little support in place below the $143.00 area.  In addition, the index is far from oversold in the short term(daily MACD).  More downside is likely ahead before a rebound can develop.

At time of publication we do not have a position in the $IJS.