The Russell 2000 ETF (IWM) had a strong move coming out of the vaccine news in November. It’s been consolidating for the last two months and now may be ready to continue higher.
The main thing jumping out of today’s chart is the 50-day moving average. IWM tested it in early March and has chopped on either side of it since. But now prices are trying to hold it as they squeeze into a tight range.
Second, notice the relationship with the 10-day moving average, which is rising up toward the 50-day moving average. Other times when it crossed above in May and October were followed by periods of strength.
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