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Russell 2000 (IWM) Trend Line To Watch

The Russell 2000 ETF (IWM) is surging over 4% on the day after Democrats likely took control of the Senate. This gives President-elect Biden control to push through more stimulus. Interest rates surged through 1% on the 10 year yield. Not only is the Russell 2000 full of small caps, but also banks. Banks rally as yields rise. As the Russell 2000 surges, top traders and investors are eyeing a trend line that connects through the high pivot of 2015 to the high pivot of 2018. Current price on the Russell 2000 ETF (IWM) is just about to tag it. Could this be a pull back level? It is possible but it is recommended that a small starter position is initiated rather than a full position. This dips the toe in the water versus jumping all in.

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