$IWM - Small-cap stocks continue to bear the brunt of downward pressure, driven by the persistent 'higher-for-longer' narrative surrounding interest rates. Despite the challenging environment, buyers managed to step in near the 200 EMA, providing temporary support and preventing further declines for now. However, the price is currently retracing upward toward key resistance levels, including the daily 9 EMA at $220.70 and the Value Area High (VAH) at $221.27.

While there is potential for bulls to drive the price higher in the short term, the broader trend remains uncertain. From my perspective, as long as the price stays below the critical supply range of $224.60-$225, the bears retain overall control.