Chart of the Day - Friday, December 9th, 2022
December 9, 2022
Today’s Chart of the Day was shared by Michael Kahn (@mnkahn). It's a daily bar chart of the Russell 2000 ($IWM) over the past five months. The Russell 2000 dropped 5% this week and underperformed the other major indices. Michael points out that it violated the short-term uptrend that it's been in since October. It was rejected at its 200-day moving average twice, and it's now testing its 50-day moving average. Small-Caps often lead the broader market higher or lower, so this doesn't exactly inspire hope for the bulls in the near term.