Chartology: Russell 2000 iShares (IWM)

Andrew Nyquist

Stock ChartsThe Russell 200o iShares (IWM) broke its near-term uptrend line, eliciting a big drop and leading the major indices lower. Support resides at the intermediate uptrend support around 75.00 to 75.50.

A reflex rally/bounce is approaching, but note that the index will likely need to retake the 50 day MA (and hold it) if it has any hopes of repairing the technical damage over the short term.

russell 2000 chart, russell 2000, small cap stocks, russell 2000 stock chart, iwm stock price

iwm chart, iwm price, iwm russell 2000, russell 2000 price

Russell 2000 iShares (IWM) stock charts with technical analysis overlay as of July 24, 2012.  Price support and resistance levels and stock market analysis. IWM technical support levels.

———————————————————

Twitter:  @andrewnyquist and @seeitmarket     Facebook:  See It Market

No position in any of the securities mentioned at the time of publication.

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.

NOT INVESTMENT ADVICE – PLEASE READ INVESTMENT DISCLAIMER.