IWM bounced off support between 269 and 270, where a major bottom had been anticipated; so far that bottom is being achieved, but IWM still needs to cross its 20-day moving average.

The Russell 2000 Index, also known as the Small Cap Index or IWM, is an exchange-traded fund that tracks the Russell 2000 Index. It's a significant support level , something I've been pointing out to Earnings Beats members over the past few weeks.

While we were falling back, I kept talking about this support level between 269 and 270. We reached that level at the end of last week and bounced off it . This is another indicator where we need to cross the 20-day moving average , but this is an area where I would have been looking for a major bottom for the IWM indicator. So far, we are achieving that.