More Gains Coming For Small Caps After Hitting New Highs? (IWM)

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May 19, 2018 7:25am NYSE:IWM

Technical analyst Chris Kimble sees potential for further upside in small caps, which just hit new all-time highs.

While the Dow, S&P 500, Nasdaq 100 and the NYSE all continue to chop sideways and remain below highs hit in January, the same can not be said for Small Caps (IWM) and Micro Caps (IWC).

The 2-pack above highlights that IWM & IWC both appear to be creating bullish ascending triangle patterns and both are breaking above highs hit a couple of months ago at each (1). These breakouts have both of them hitting all-time highs.

Joe Friday Just The Facts: Measured moves suggest each could rally up to the prices zone at each (2), which is around 8% above current prices.

The iShares Russell 2000 Index ETF (IWM) closed at $161.87 on Friday, up $0.21 (+0.13%). Year-to-date, IWM has gained 6.17%, versus a 1.68% rise in the benchmark S&P 500 index during the same period.

IWM currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 41 ETFs in the Small Cap Blend ETFs category.

This article is brought to you courtesy of Kimble Charting Solutions.

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