IWP - the Mid-Cap Growth ETF outperforms

As we can see from the Relative Strength chart, IWP – iShares Russell Mid-Cap Growth ETF – is doing better than the SPY, which is our benchmark.
Despite that, IWP is in a bearish channel defined by the 10-day exponential moving average and the lower Bollinger Band. The lower highs marked by the orange line show just that.
In addition to the above, IWP is trading below its descending 20- and 50-day exponential moving averages.
In cases like this, we just watch the ETF’s behavior at important levels like the two blue support lines as about 132.5 and 129.5 we’ve drawn in the chart. What will the market participants’ reaction be?
This bearish momentum is also depicted in MACD that moves in negative territory and below its signal line.