$IWM - RC -
Added 2023-10-06 09:42:33 +0000 UTCThe Russell 2000 is showing a slightly different story to the $SPY.
In order of strength, the $QQQ is behaving the strongest, followed by the $SPY and then in a distant third, the small caps from the $IWM.
The $IWM is below its 50 and 200 Day MA and has pulled back to the 0.5 Fib which, is taken from the high in November 2021 and the Covid low in March 2020.
We can see that the $IWM has found support on the 0.5 Fib 7 times since the start of 2022 so this is an important support level, holding here, like the $SPY holding the 200 Day MA is crucial.
A hold at this level and this can rally up to finish the year strong too.
So the price could slightly drop below $170 but once it is recaptured, the structure is in place to move higher.
Comments
I know I don't get chart requests but as IWM helps with a lot of small caps, XBI would help with a lot of bios. Would you consider adding it captain? Thanks again. Enjoying my first few weeks here.
Tim Anton
2023-10-06 11:17:06 +0000 UTCThis is a very important chart . Thank you
Steven
2023-10-06 09:44:24 +0000 UTC
