The Chart Report

The best technical analysis being done by the best technicians in the world every day.

  • Daily Chart Report
  • Archives
  • About Us

Chart of the Day – Wednesday, May 4th, 2022

May 4, 2022 Patrick Dunuwila

Failed break down with $IWM?
Very convincing move today post FOMC, it appears the market priced in a 50bps hike and likes what it's heard from Mr Powell… it's a day by day / week by week thing just now but it's encouraging.

I'll take it. pic.twitter.com/mPsVEiDtDy

— Sam McCallum 🏴󠁧󠁢󠁳󠁣󠁴󠁿 (@Honeystocks1) May 4, 2022

Today’s Chart of the Day was shared by Sam McCallum (@Honeystocks1). It’s a daily candlestick chart of the Russell 2000 ($IWM) over the past year and a half. The major indices were trading at pretty delicate levels heading into today’s Fed announcement, but they rebounded right where they needed to. Sam points out that the Russell 2000 has formed a failed breakdown over the past few sessions. As we know, failed breakdowns often lead to sharp moves higher. It also reclaimed the VWAP from the COVID lows that it broke last week. This is bullish for the Russell 2000 in the short term. However, there is still a lot of technical damage to repair considering the index is still 10% below its declining 200-day moving average and 20% below its all-time highs. At this point, the next major resistance level is around $211, which is about 9% higher from here.

$IWM, $RUT, Chart of the Day, Russell 2000, Sam McCallum

Sign Up For The Daily Chart Report

Testimonials

If you're not subscribing to the @TheChartReport and getting their nightly recap of some of the great charts shared on social media and blogs, then you're really missing out.

— Andrew Thrasher, CMT (@AndrewThrasher) July 17, 2019

That last tweet was directly from one of my favorite emails each day @TheChartReport Daily Chart Report 📈 Wednesday, August 14th, 2019: https://t.co/5NZjhmgnxR

— Brian Shannon, CMT (@alphatrends) August 15, 2019

Nice work on @TheChartReport guys. Definitely recommend checking it out and signing up for the daily report. Great work as always @Pdunuwila @the_chart_life @AlphaEyeCharts @sstrazza

— Gregory Krupinski (@G_krupins) April 28, 2019

#FF @TheChartReport the best free email I get every day

— J.C. Parets (@allstarcharts) September 6, 2019

Follow @TheChartReport and subscribe to their fail email for great technical analysis. Nice job on the $TSLA piece @Pdunuwila https://t.co/SdNTYsCHNN

— Brian Shannon, CMT (@alphatrends) April 26, 2019

if you’re not signed up for @TheChartReport get your life together bro

— Shane C. Murphy (@murphycharts) August 7, 2019

Love getting my daily market news from @TheChartReport

— Andrew Fieschko (@AFieschko) August 7, 2019

Recent Posts

  • Daily Chart Report 📈 Friday, February 3rd, 2023
  • Chart of the Day – Friday, February 3rd, 2023
  • Daily Chart Report 📈 Thursday, February 2nd, 2023
  • Chart of the Day – Thursday, February 2nd, 2023
  • Daily Chart Report 📈 Wednesday, February 1st, 2023

Follow @thechartreport

  • Instagram
  • Twitter

© 2023 The Chart Report. All Rights Reserved.

Terms and Conditions - Privacy Policy