$IWM - I don’t like the overall market structure here, as the price has broken below the 2D Bull Market Support Band, which has been a strong reversal point over the last couple of months and the main support since April 2025.


Because of this, I believe that this has opened the door for a pullback on the short-term, which we’re currently seeing, towards the prior high-timeframe resistance range marked in purple, sitting at $240.
I believe that this level is likely to get tested in the coming days before a potential reversal to the upside.
That’s where I would look to fully scale out of my hedges on small caps and rotate the capital back into my spot holdings, as that would be beneficial for the broader small-cap market.
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