$IWM is in the Kumo on daily chart indicating indecision about direction

Always start with a higher timeframe before evaluating a trade in your trading timeframe. Since our trading timeframe is daily our higher timeframe is weekly.

Weekly Chart

• $IWM is bullish since price is above the Kumo
• Red Kumo below price is thin indicating indecision, but overall Kumo is green and is slanted upwards
• Kijun Sen seems to be providing support which is around 120

Daily Chart

• $IWM is trading in the Kumo despite rising +0.75% on May 8 indicating indecision on direction
• Tenkan Sen is below Kijun Sen which shows the decline in short-term momentum
• Senkou Span A is below Senkou Span B which supports bearish short-term sentiment

Conclusion

This may be a buying opportunity for aggressive traders.  Nimble traders should wait until price closes above the Kumo or until Tenkan Sen is above the Kumo before making a trade.