Shares of the iShares Russell 2000 (IWM) ETF have been in a steady downtrend. This ETF tracks small cap stocks. If it drops to the $171 level, there’s a chance the sell-off ends and the market reverses.
As you can see on the following chart, this level was previously resistance. And sometimes levels that were resistance can convert into support. It happens because of the seller’s remorse.
