This is very bullish folks.
The top pane is the weekly candle chart for the iShares Russell 2000 ETF (Ticker: IWM). You can see three blue/gray bars that I've added to the chart. The bottom two bars represent the zone I've been discussing for quite some time. In short, small-cap stocks were struggling to break through the top end of that two year trading range.
They finally started to break through earlier this year ... but did not have enough escape velocity to really propel much higher.
Then, recently, that started facing the resistance of that top blue/gray bar which represents the highs from 2021. Last week's action was incredibly bullish, rocketing small caps through that upper resistance zone.
The bottom two panes are the advancing stocks and the declining stocks. Again, these are weekly stats and I'm posting this on Tuesday before the opening bell. As a result, the last green & red bars represent Monday. If that trend continues through the rest of the week, we would see advancing stocks advancing over the last four weeks.
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