Chart of the Day - Friday, March 1, 2024

🏆 Today’s Chart of the Day was shared by Walter Deemer (@WalterDeemer).

• The Russell 2000 ($IWM) outperformed this week, closing at a 22-month high. It remains -15% from its peak, but Walter points out it's trying its best to recover.

• $IWM initially broke out of a two-year range in mid-December after clearing resistance around $200, but it's been consolidating ever since.

• It's approaching potential resistance at $210, which served as support numerous times throughout 2021 before breaking down in 2022. Reclaiming $210 would open the door to record highs.

The takeaway: The Russell 2000 outperformed this week, closing at a 22-month high. It's approaching potential resistance at $210, but clearing this near-term hurdle would open the door to the promised land (all-time highs).