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.

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.