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IWM Facing Resistance in the Red Zone

I’ve been patiently waiting for IWM to form a bullish breakout. IWM needs to break above the $210.44 resistance level, but continues to selloff in the red zone. There was a rejection that has pulled IWM back down to the lower end of the red zone at $205.31. I would monitor $205.31 for short-term support otherwise IWM can drop lower. An IWM breakout is needed for small cap stocks to rally.

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