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The relative strength on the weekly charts of $IWM and the NASDAQ Composite is easy to see, with a clear sequence of higher highs and higher lows in place since April. While the $DIA must overcome prior highs to breakout, there isn’t much in the way of resistance for $IWM, other than the top trendline, which is about 3% to 4% away. The NASDAQ chart is pretty much the same, but may need to rest after touching the top trendline last week. However, any pullback should be short-lived, as there isn’t much in the way of resistance until 4,000.

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