Chart of the Day - Wednesday, November 15, 2023

Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). The Russell 2000 ($IWM) continued higher today after surging +5.49% yesterday, but it closed significantly off the highs of the day. It was up as much as +1.85% intraday but reversed lower after hitting resistance around $181 and barely closed positive (+0.16%). Ian points out that $181 coincides with the 200-day moving average and it acted as support all Summer until breaking in September. After successfully testing the lower bounds of a 2-year range recently, $IWM must clear this hurdle before testing the upper bounds of the range at $200.