Chart of the Day - Wednesday, December 15th, 2021

Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). It's a daily candlestick chart of the Micro-Cap ETF, $IWC, over the past year. Mike points out that Micro-Caps staged an impressive reversal in today's session. $IWC broke down a couple of weeks ago, but were now right back at the breakdown level. If we follow through to the upside tomorrow it would qualify as a failed breakdown. As we know, failed breakdowns often lead to sharp moves higher. It also helps that RSI is diverging positively. Upside follow-through is key, so watch how Micro-Caps behave in the remainder of the week.