Today’s Chart of the Day was shared by Walter Deemer (@WalterDeemer). The Russell 2000 has been one of the most frustrating charts over the past year. It's been a trendless mess for months now, but we're starting to see it resolve lower. It broke support earlier this week and has continued to sink, closing at a fresh 52-week low today. Small-Caps tend to lead the broader market higher or lower, so there's really nothing bullish to say about this breakdown. It would be constructive to see $IWM reclaim support around $208 in the near term. But until that happens, the path of least resistance is lower.
Chart of the Day - Thursday, January 20th, 2022
January 20, 2022
