Small-Caps May Be Set For Pull Back

The iShares S&P Small-Cap ETF has been in a bearish wedge pattern on its daily chart since early October. The price is once again testing the resistance line. The price is near an overbought condition while generating a bearish divergence on the RSI indicator.

I am targeting the support line of this wedge pattern first. If the price is able to break down through that support line then I will look at the $80.30 price level noted on the chart.


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