Small-cap stocks are off sharply as the new week begins. The iShares S&P Small-Cap 600 Value ETF (NYSE:IJS) is down 4.5% as it begins to back away from a declining 200-day moving average. This steep drop is driving the index down to a key support zone. This zone runs from $119.60 to $118.40 and includes the April high, the July 15 breakout gap and the third retrace level of the rally off the 2020 lows. A dip below $120.00 may provide a very low-risk entry opportunity for patient investors.
Note: No position in $IJS
You can read Gary S. Morrow's original post here.
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