Chart of the Day - Thursday, February 10th, 2022

Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). It's a daily candlestick chart of the Russell 2000 over the past year and a half. The Russell 2000 rebounded more than 8% off the January lows in less than two weeks, however, it reversed hard today at a very familiar level. That $208~211 level acted as support several times last year until it finally broke a few weeks ago. As we know, former support levels tend to act as resistance when they're retested, and that's exactly what we're seeing now. Ian also points out that the 200-day moving average (orange) is beginning to slope downward and the Anchored VWAPs (purple) from precious highs are continuing to act as resistance. Small-Caps tend to lead the broader market higher or lower, so this doesn't exactly bode well for the bulls.