The iShares ETF that tracks more risky micro-cap stocks - IWC - reached an important 161.8% extension of a prior move. I think we could see a pullback from here to re-test the breakout level around $90. If appetite for risk stays strong, it could be a short-lived pullback, or if investors reduce risk, this could suffer more than the main indices and their ETFs.
Similar to SPY/IWM post/chart, might SPY/IWC (Microcaps) be negatively diverging as well...i.e. setting up for a rally in IWC (micro caps) compared to SPY along with a possibly forming bearish ascending wedge?
As in everything, TBD.