Today’s Chart of the Day was shared by Pratty Tulsian (@PrattyCharts). This is easily one of the most-watched charts right now. It's a daily candlestick chart of the Russell 2000 ETF, $IWM, over the past year. The Russell 2000 broke out a few weeks ago after being stuck in a tight range for the majority of the year. From there, it quickly popped about 3.5% in 4 days, but it has given those gains back and is now retesting the breakout level around $234. This former resistance level should act as support here. If it doesn't, that would qualify as a failed breakout, which could get ugly. Keep an eye on how this test plays out in the coming days.
Chart of the Day - Thursday, November 18th, 2021
November 18, 2021
