As of yesterday, it has cleared its pivotal 50-day moving average at $221.96 and looks to confirm a bullish phase with a second close over the MA on Thursday.
Additionally, IWM has been a key indicator for bullish market sentiment even though the price action has been choppy.
If IWM confirms its phase change, each major index will be in a bullish phase. At that point, the market can gear up for new highs.
Durable Goods will give insight into the current U.S supply chain which has gone through issues including shortages of semiconductors, to building supplies as the housing market made leaps and bounds with cheap mortgage rates along with increasing demand as people spread out to new states throughout the pandemic.
Circling back, the economic reports could bring negative news based on increasing inflation and missed expectations.
With that said, the market has great potential to make a strong move higher if today’s reports come out positive now that IWM’s restraints have been cut by clearing the 50-DMA.