“Beyond the 200-day, look at the significance of the 80-week moving average for IWM, as our Senior V.P. of Research Todd Salamone recently advised with regards to the S&P,” said Schaeffer’s. “And perhaps most crucially, note the highlighted support around the $145 level for IWM. After marking a high in July 2017, this area has caught several lows for IWM over the past year, and would be a natural place for any further panic selling to exhaust itself as the incorrigible small-cap dip buyers step in.”
Investors have pulled $672.45 million from IWM since the start of the fourth quarter.
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Tom Lydon’s clients own shares of IWM.