The iShares Russell 2000 ETF ($IWM) has shown signs of strength heading into the fourth quarter. After consolidating in a choppy manner, the ETF broke its downtrend on Friday but lacked significant momentum. Key resistance levels are identified at $224 and $228, with $225 being a crucial level to gain. Analysts note that all moving averages are curling up, which is a positive indicator. The ETF's performance is influenced by weaker data, including a 0.1% undershoot in core PCE, which benefited small caps as bonds turned up. The ETF held the 8D on its recent pullback.