Small Caps Face An Important Test Here (IWM)

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May 31, 2018 6:27am NYSE:IWM

NYSE:IWM | News, Ratings, and Charts

Technical analyst Chris Kimble examines the recent performance of small cap stocks and finds evidence of a renewed rally.

Few stock indices can brag about hitting all-time highs of late. Two indices that can are Micro and Small Caps, as each recently hit all-time highs.

Above looks at the Russell 2000 index over the past 13-months, which reflects that the trend remains up.

This week the Russell is testing dual support, where a short-term bullish reversal pattern might have taken place at (1) yesterday.

If support holds at (1), small caps should continue to reflect strength over large caps.

The iShares Russell 2000 Index ETF (IWM) rose $0.35 (+0.21%) in premarket trading Thursday. Year-to-date, IWM has gained 7.87%, versus a 2.56% 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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