In today’s briefing:
- Expecting Russell 2000 (IWM) Breakout Above $199; Highlighting Buys in Energy
Expecting Russell 2000 (IWM) Breakout Above $199; Highlighting Buys in Energy
- We continue to believe the path of least resistance is higher for the major equity indexes, which has been our stance since our 5/30/23 ETF Pathfinder.
- Beginning with our 7/18/23 Compass, we discussed our expectation for major 1+ year breakouts on the equal-weighted S&P 500 (RSP), Dow, and Russell 2000 (IWM).
- The breakouts happened later that day on the RSP and Dow (above $153 and 34,280, respectively), and the IWM is now on the cusp of breaking out above $199.
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