TZA fell out of channel, yesterday, and now appears to be retesting the lower channel line. Often, when prices reverse near a channel's center line before breaking out, they retest the channel line subsequently broken. If prices come from the opposite extreme of a channel before breaking out, they don't retest. Note on the daily graph in the upper left corner, TZA is just entering a Bollinger squeeze.
TNA mirrors TZA with opposite movements. TNA, too, seems entering a Bollinger squeeze, although the pattern seems less clear. It also approaches its 50-day moving average, thus, a suspected retest. Although up for the day, it was up on lower volume, suggesting this just a correction of the move down.
These movements should be of little surprise since these ETFs represent the Russell 2000 small cap stocks, and the RUTX is moving into a Bollinger squeeze. It os also testing its 200-day and 50-day moving averages simultaneously. Whether it breaks through these, or merely bounces, is yet to be determined. Therefore, the eventual direction of TNA and TZA is yet to be determined.
TZA fell out of channel, yesterday, and now appears to be retesting the lower channel line. Often, when prices reverse near a channel's center line before breaking out, they retest the channel line subsequently broken. If prices come from the opposite extreme of a channel before breaking out, they don't retest. Note on the daily graph in the upper left corner, TZA is just entering a Bollinger squeeze. 
TNA mirrors TZA with opposite movements. TNA, too, seems entering a Bollinger squeeze, although the pattern seems less clear. It also approaches its 50-day moving average, thus, a suspected retest. Although up for the day, it was up on lower volume, suggesting this just a correction of the move down.
These movements should be of little surprise since these ETFs represent the Russell 2000 small cap stocks, and the RUTX is moving into a Bollinger squeeze. It os also testing its 200-day and 50-day moving averages simultaneously. Whether it breaks through these, or merely bounces, is yet to be determined. Therefore, the eventual direction of TNA and TZA is yet to be determined.
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