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Chart Of The Day: IWM

By Blake Morrow Stock MarketsAug 04, 2021 01:51AM ET

www.investing.com/analysis/chart-of-the-day-iwm-200595944

By Blake Morrow | Aug 04, 2021 01:51AM ET

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"Why is this a big deal?"

IWM Daily Chart

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!

Comments (2)

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simon king Aug 04, 2021 6:13AM ET

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Thank you Blake, Be Safe. Be Well !

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Srinivas Devanahalli Aug 04, 2021 4:04AM ET

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give some analysis of Eurusd pls frequently that is what most traders trade

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SPDR S&P 500	429.70	+0.84	+0.20%
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Chart Of The Day: IWM

"Why is this a big deal?"

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