Chart of the Day - Wednesday, September 13, 2023

Today's Chart of the Day was shared by Gregory Krupinski (@G_krupins). Small Caps are continuing to struggle on an absolute and relative basis. The Russell 2000 ($IWM) closed at a two-month low today and a two-decade low relative to the S&P 500 ($IWM/$SPY). Greg points out that it's below the 200-day moving average for the first time since early June, violating the neckline of a potential head and shoulders pattern. The next major support level for $IWM is around $170, but that level has been tested numerous times in the past year.