Chart of the Day - Monday, January 13, 2025

Patrick Dunuwila
January 13, 2025

Chart of the Day


🏆 Today's Chart of the Day was shared by @CyclesFan. 
 

  • Despite opening lower by more than -1% this morning, the Russell 2000 ($IWM) closed higher for the first time in four days, rising +0.2%. 
     
  • Over the past six weeks, $IWM has corrected -10.6% on a closing basis. It peaked around Thanksgiving after fumbling its first attempt at all-time highs in three years. 
     
  • @CyclesFan points out that $IWM tagged its rising 200-day moving average for the second time in the past year before bouncing today. This is another critical line in the sand to watch this week. 
     

The Takeaway: $IWM successfully tested its rising 200-day moving average today before reversing higher. This has been a meaningful inflection point in recent years. 

Filed Under: