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Ishares Russell 2000 Index Fund (NYSE: IWM) at Resistance

|Includes: iShares Russell 2000 ETF (IWM)

March 9, 2011

Shares of Ishares Russell 2000 Index Fund (NYSE: IWM) reached strong resistance, at $83.61, on February 17. One month later it remains below this level.

IWM immediately reversed and after several days of selling, recovered about 75% of the losses and has since been trading mostly sideways.

The next few days will likely tell us if IWM has higher to go. A decisive close above $83.61 for IWM would point to higher highs. Short term resistance appears to be at $83.00 a share, a level reached several times over the past two weeks but so far not surpassed.

So far the rising 50-day moving average appears to be acting as support on down days.

Should IWM be unable to close above resistance, the potential to decline to support at $79 a share will increase.

The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy has a position in Ishares Russell 2000 Index Fund.