The iShares Russell 1000 (IWF) closed in positive territory for the 3rd-straight day after trading to a fresh all-time high of $187.43. Uncharted territory and lower resistance at $187-$187.50 was cleared but held. A close above the latter would signal additional momentum towards $188.50-$189.
Near-term and rising support is at $185-$184.50. A close below the latter would be a slightly bearish signal with additional backtest potential towards the $182.50-$182 area.
RSI remains in an uptrend after clearing lower resistance at 65-70. A close above the 70 level could signal a retest towards 75-80 with the latter representing the overbought monthly peak from January. Current support is at 60-55. A close below 50, and a level that has been holding since mid-October, would be a bearish development and signal additional weakness towards 45-40.
