IWM Looks Exhausted on the Upside

Barring some sort of unexpected forthcoming bullish catalyst, the enclosed chart pattern of the iShares Russell 2000 Index (IWM) has the look of upside completion at yesterday’s high of 105.63.

That said, to confirm and lock in a meaningful near-term high, the IWM must break and sustain beneath 103.00.

As of this moment, I am getting signals that the IWM is finished and exhausted on the upside, and that a correction is approaching quickly.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!