Chart courtesy of stockcharts.com

 

  1. The 50 day sma was broken and closed above which is a buy signal.
  2. The 200 day was broken and closed above today which is a buy signal.
  3. The MACD is bullish
  4. $IWM has been trading above the 10 day sma for 8 trading days.
  5.  The momentum has been incredibly powerful with the price range expanding upwards today.
  6. Six of the past seven trading days $IWM has finished higher than it started.
  7. The ‘V’ bottom has held since the bounce.
  8. Today was a huge break out of a trading range.
  9. The 62.90 RSi gives $IWM more room to run up.
  10. This chart is nothing but bullish signals. It will be a blind sided whip saw if this move up fails to continue.