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IWM Suggests Summer Rally for Small Caps

Written By: ChartChamp

May 21, 2024

IWM Remains in the red resistance zone, and is attempting to form a bullish breakout above $210.44. I believe IWM is likely to breakout and rally in June. There is a media narrative of small caps going on a rally over the summer. The IWM chart suggests that this narrative seems to be true. However, we would need to see a breakout above $210.44 for small caps to have their run. This will benefit stocks like NVAX, SOUN, SPCE, HOLO, etc. The seasonality index suggests that July is a very bullish month for the markets so we could potentially rally in June and July.

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