The IWM (Russell 2000 small-cap ETF) unofficial trade idea started to rally immediately after the setup & objective long entry on the pullback to the 96.25 support level was posted earlier today & hasn’t looked back since, gaining nearly 10% since then. The first target (downtrend line) was hit at 11:30 am EST today, followed by the typical reaction off the initial tag of that resistance level from below, followed by another thrust up which has just recently taken out.
- IWM 30m March 19th
- IWM 30m 2 March 19th
While this breakout above the trendline, should it stick with a solid 60-minute candlestick close above, could open the door to another leg higher up towards the next price target (T2 around 111.00), I suspect IWM will pullback & quite possibly backtest the trendline from above if & when SPY rallies into its T1 level of the comparable downtrend line + 250.50ish price resistance level. Previous & updated 30-minute charts above.