Chart of the Day - Tuesday, March 28th, 2023
March 28, 2023
Today’s Chart of the Day was shared by Austin Harrison (@meanstoatrend). We have a tale of two markets on our hands right now. The Nasdaq closed at seven month highs on Friday, while Micro Caps ($IWC) ended the week at fresh bear market lows. $IWC peaked almost exactly two years ago, and it's currently down more than 35% from those all-time highs. It's testing a key level around $100, which coincides with the pre-Covid highs. This level has already been successfully tested twice in the past year. It's holding up so far this week, but if it breaks, it will be a major red flag as Small and Micro Cap stocks often lead the broader market higher or lower.