$IWM, the small-cap ETF, experienced significant fluctuations in its price, dropping below $200 and nearing the lower Bollinger Bands due to concerns over rising rates. Despite this, traders observed potential for intraday bounces and reversals. Some traders strategically added calls at key support levels, anticipating a rebound. The ETF saw a reversal, turning green and forming bullish candles, with notable options activity indicating bullish sentiment. Analysts debated the long-term viability of $IWM compared to other indices. Recent positive market conditions led to a substantial rally, marking the best day of the year for $IWM with a 2.8% gain.