Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts). The Russell 2000 has bounced nearly 20% off its June lows, but Alfonso points out that it's running into a confluence of resistance around $199. This level represents both the 200-day moving average and the VWAP anchored to the all-time high. As Alfonso points out, this would be a logical place to see some pause or consolidation. Small-Caps often lead the broader market higher or lower, so keep an eye on how this test plays out in the near term!
Chart of the Day - Thursday, August 11th, 2022
August 11, 2022
