Below takes a peak at micro cap ETF (IWC) and the potential bullish pattern it is attempting to breakout from.
While IWC was trading sideways for several months, it lagged the S&P 500. Now that IWC is working on a breakout at (2), it has been stronger than the S&P 500 this past month and is now working on hitting all-time highs. Historically when Small & Micro caps are hitting all-time highs at the same time, sends bullish message to large caps.
The iShares Russell Microcap Index ETF (NYSE:IWC) was unchanged in premarket trading Thursday. Year-to-date, IWC has gained 4.26%, versus a 8.93% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Kimble Charting Solutions.