Chart of the Day – #IWM – (August 9th, 2022)

The Russell 2000 has been prone to false breakouts since last fall as the index rallied to all time highs then failed at the end of 2021. The move from Monday/Tuesday of this week could set up the same fate for the index especially if the highly anticipated #CPI data comes in hotter than expected. You can also see that the November 2021, March 2022 and highs this week marked a turn in RSI as well. Tomorrow’s data should have a strong impact on the index.

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