I read a lot of headlines Thursday about how the small cap Russell 2000 closed above 12-month lows, shown below using the Russell 2000 IWM ETF.
Certainly, that felt positive, as many articles stated. However, I’m paying attention to levels dating back to pre-COVID times (noted in the green box).
Markets like to spook participants during pullbacks like this multi-month one before turning up, which is why I’m prepared for more fear to push prices a tad lower.
Either way, I’m watching stocks in IWM that are making higher swing lows off their September/October lows for new seasonal trends.
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