IYT has staged a steady decline within a 4-month channel (from March 2015 high) towards the 142.72 low (April 8, 2015). Below would expose the 141.91 range target (as shown on the daily chart) and the 137.05 key low (October 15, 2014). The 146.35 high (July 24, 2015) should cap near-term bounces. Above 146.35 would re-focus the 149.87 resistance. Only above there would stabilize. Outlook: Short term: bearish Long term: bearish