However, Investors Intelligence technical analyst Tarquin Coe points out that the Russell 2000 did bounce at an important support line this month.
“With momentum in a good field position, a breakout to new all-time highs is expected,” he wrote in a newsletter Monday. “The relative chart versus the S&P 500 is also rallying, with outperformance today.”
Full disclosure: Tom Lydon’s clients own IWM.