Blake Morrow’s Chart of The Day – IWM
IWM
The Russell 2000 has been prone to false breakouts since last fall as the index rallied to all-time highs then failed at the end of 2021. The move from Monday/Tuesday of this week could set up the same fate for the index especially if the highly anticipated #CPI data comes in hotter than expected. You can also see that the November 2021, March 2022 and highs this week marked a turn in RSI as well. Tomorrow’s data should have a strong impact on the index.
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