Chart of the Day - Wednesday, March 30th, 2022

Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). It's a chart of the Russell 2000 ETF, $IWM, over the past two years. The Russell 2000 closed at a two-month high yesterday, but it was rejected at a familiar level around $211 today. This level acted as support for the majority of last year, and now it's acting as resistance. To be fair, today's 2% drop is coming after rallying nearly 10% in the past two weeks, so some short-term pause is normal. Small-Caps often lead the broader market higher or lower, so there is a lot of information to be gleaned from how this test plays out. Bulls want to see price reclaim $211 in the near term, but so far, no cigar.