$IWM, the iShares Russell 2000 ETF, has demonstrated strong performance recently, holding above its 8-day exponential moving average (EMA) and showing resilience in the small-cap market. As of August 30, 2024, $IWM is trading above $220, reflecting a 0.75% increase from the previous day. Analysts indicate that a move above $220 is crucial for bullish sentiment, with $225 identified as a significant level in the intermediate term. The ETF has been a leader this week, up 1%, as market conditions appear favorable despite concerns in the tech sector. Notably, there has been a large stock replacement sell to open 8,000 October $216 puts at $5.71, suggesting confidence among bulls. However, a notable seller of 12,000 February $226 calls at $10.16 indicates a potential ceiling for the ETF around $236. The upcoming week after Labor Day is anticipated to be critical for determining whether the market can break out into a rate cut scenario, with a retest of the $214 area considered acceptable.