iShares Russell 2000 ETF (IWM)

[ITMS]

Russell 2000 $IWM Chart Analysis: Target Price Revealed

The Russell 2000 has been in its happy place as tax cuts appear to be closer. From January 2017 to August 2017, the Russell 2000 had been in a slow grind-up range. It finally broke out in late August when tax cuts began to look more likely. The move took the IWM (Russell ETF) from $135 to over $150 in just over a month. This broke the upper range of the channel. As the Russell (IWM) now stalls, it will likely see a pull back in the coming days/weeks to the upper range of that channel, which is now support. That is around the $146.70 price point. This will be the first major support and big test of any pull back in the Russell 2000 (IWM). It is important to note that the Russell has been a leader for the stock market and continues to be. If the Russell starts to fall, the S&P will likely follow within a day or two.



Gareth Soloway
InTheMoneyStocks