Very Simply, small caps are on fire!

Note the small green horizontal line.

That is the new July 6-month calendar range high.

IWM handled it like a champ!

Plus, look at the leadership chart.

IWM outperforms the benchmark.

Finally, look at the momentum chart or Real Motion.

Momentum is flying alongside price.

What does this all mean?
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Back in January 2022, IWM traded at 227 while the all-time high was made in June 2021 at 233,64.

That makes 227 an interesting point to watch.

Furthermore, should IWM get any correction, the July range high gives you a support level at 218-219.

Finally, with all cylinders firing, until we see a bearish momentum in divergence, or the price fails the July range support with momentum holding, the gameplan is stay the course.

ETF Summary

S&P 500 (SPY) New all time highs and 5600 pivotal

Russell 2000 (IWM) January 2022 IWM ran to 227 before the big collapse-take some profits if long

Dow (DIA) New all time highs

Nasdaq (QQQ) 500 pivotal and still working off that nasty bearish bar on the chart

Regional banks (KRE) 55 now support with 60 next level to watch

Semiconductors (SMH) 260 -280 range

Transportation (IYT) 67 now support

Biotechnology (IBB) I still like this sector-152 resistance

Retail (XRT) Granny got her groove-now 77.50 support

iShares iBoxx Hi Yd Cor Bond ETF (HYG) Multi-year highs

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Can Momentum Build In Small Caps?