Today’s Chart of the Day was shared by Aksel Kibar (@TechCharts). It's a daily candlestick chart of the Russell 2000 over the past two years. The Russell 2000 closed at a two-month high today, but it's approaching a cluster of resistance around 2,100. For starters, this level acted as support all throughout last year. Secondly, both the 200-day moving average and the AVWAP from the all-time high (not shown) coincide with this level. Lastly, a break above 2,100 would violate the downtrend line that has been in place for the past four months. It would be a huge win for the bulls to see the Russell 2000 break above this area of resistance, but the index has a lot to prove in the near term.
Chart of the Day - Tuesday, March 22nd, 2022
March 22, 2022
