Chart of the Day - Friday, April 22nd, 2022
Today’s Chart of the Day was shared by Jim Denholm (@denholm_jim). It's a daily candlestick chart of the Russell 2000, over the past year and a half. The Russell 2000 was rejected at former support a few weeks, ago, and it's been downhill ever since. Jim points out that the index is currently testing a crucial level around 1930-1940. This level has been successfully tested every month this year, - January, February, March, and now April. Typically, the more times a level is tested, the more likely it is to break. As we know, Small-Caps tend to lead the broader market higher or lower, so there will be a lot of information to be gleaned from how this test resolves.