Chart Of The Day: IWM
Blake Morrow | Aug 04, 2021 01:51AM ET
With the S&P 500 almost at all time highs once again, we have to acknowledge the underperformance of this index. We are under the assumption that the SPX will hit new ATH and push towards 4440 then 4495 in the coming days.
What this should allow for is a move in the iShares Russell 2000 ETF (NYSE:IWM) above the 61.8% retracement at the 224.44 level and 50dma back to the "range highs" at 234.
If you want to be long, you know your breakout point and if you want to be short the index, maybe the best risk/reward for a range trade is back at the upper end of the range for a short!
/h2
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