IWM (Russell 2000) Technical Analysis

IWM (Russell 2000) has broken the daily support of $166.22 and is closer to breaking the weekly support level than SPY is. We would anticipate that there would be a higher low formed on the weekly time frame and then a lower high before the weekly support level of $162.26 would break. The bulls will need to form a higher low somewhere above $162.26 too have a chance of keeping the weekly uptrend in tact.

IWM Daily Chart:

IWM Weekly Chart: