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IWM Building Support at $199 Headed Into July

Written By: ChartChamp

June 26, 2024

IWM has been trading within a range between the red resistance zone and light blue support line since Dec. 2023. There has been 6 months of sideways price action, and IWM could finally start to rally in July if there is a bullish breakout above the red resistance zone. Stock market data reveals we have high concentration in big tech stocks so most of the S&P and small caps are struggling while big tech stocks like NVDA and MSFT have all of the gains. Small cap stocks tend to perform well after quantitative easing so they are likely to perform well after the Fed pivot. For now I would continue to make trading decisions within the range, and hopefully we see a bullish breakout above the red zone in July and August.

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