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The Russell 2000 is enjoying its best start to the year since 1987.
The 200-day moving average of the IWM is $ 158, which is about 7% higher than the one it was trading on Thursday. According to Gordon, to reach this key level, he will first have to exceed his lows in October and November.
"The 200-day moving average is around $ 158, so we have wood to cut in order to test this lost moving average again," he said. "We have old stockings here in October and November. This will be an overload. Anyone who buys these stockings would certainly be willing to sell or offer up to these levels. We must therefore get out of it.
If the IWM can reach the key level of $ 158, he thinks that the "new entry fees" could potentially drive up the ETF. That was above $ 146 Friday before marketing.
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