IWM continues to show impressive relative strength as buyers pushed price cleanly above the R1 pivot and toward the upper end of its recent breakout range. The short-term moving averages remain stacked bullishly, while the PPO stays positive and appears ready to curl higher again after working off some near-term momentum excess. ADX is also beginning to turn back up with +DI firmly in control, signaling that trend strength may be re-accelerating rather than fading.

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The next area traders will likely focus on is the psychological 290 level and then the R2 pivot overhead. As long as IWM holds above the rising 8 EMA and especially the 21 EMA, dip buyers still appear firmly in control. Small caps have lagged leadership groups for stretches this year, so continued participation here could be an important signal for broader market risk appetite staying healthy.

Wishing you the best,

Wendy