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IWM Continues to Show Bullishness in an Attempt to Breakout

Written By: ChartChamp

May 20, 2024

While the S&P and NASDAQ are trading at new all time highs, small cap stocks have not reached their previous all time highs yet. IWM is attempting to break through the $210.44 resistance line to trend up to previous all time highs in the white zone. There has been some nice bullish price action in the red resistance zone so far, and small cap stocks can continue to rally once IWM breaks above $210.44. One of the trending narratives is Small Cap Summer, which refers to small caps going on a rally over the summer. The IWM chart suggests this narrative seems likely, but I’d like to see a bullish breakout for IWM as a sign of confirmation.

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