$IWM
Added 2023-11-10 19:32:13 +0000 UTC$IWM is the Russell 2000 ETF which is made up of small cap stocks and we can see that $IWM has held on the bottom green line and bounced but it is nowhere near as aggressive as what we are seeing from the $SPY and $QQQ....so as I suggested in the chat forum, the Mega Caps are leading the way and this is understandable, they are stronger and more popular than many smaller caps.
What we want to see is a rotation from Mega Caps into Small Caps, while the Mega Caps pull back.
My impulse wave count remains valid and I do not believe the $IWM will lose support, I think it is just behind the Mega Caps right now.
Comments
This is a very interesting viewpoint. A lot of people think small caps will fall due to the upcoming recession. Hard landing incoming due to the feds over tightening
Steven
2023-11-10 19:34:07 +0000 UTC
