For some detailed info on the Russell 2000 Index, take a look here. What I want to review today is the $IWM (Russell 2000 iShares ETF). Here is some basic info:
Now let’s take a look at a few different views of $IWM (complete info is here). First we have a Point ‘n Figure chart:
As you can see, it is set up for a Spread Double Top Breakout with this close above 84. Now for a more traditional chart, a Daily candlestick:
The Friday action, September 7th, shows price trying to break through the March 2012 resistance. Good looking volume all week. Now let’s pull out to a Weekly view:
Price looks headed to test the May 2011 highs very soon. An improvement in volume would make me a believer, but the fact is price is what pays.