$IWM, the iShares Russell 2000 ETF, reached fresh highs, nearing $238, following a strong performance after testing the 50-day simple moving average. The ETF showed a significant increase of nearly 3% overnight, pushing it to a three-year high. Analysts noted that the ETF's Relative Strength Index (RSI) has returned above 50, and the Moving Average Convergence Divergence (MACD) is approaching a bullish crossover. Market observers speculate that the current upward momentum may be influenced by market sentiment ahead of the U.S. elections, with potential short covering in anticipation of a Trump victory or simply a readiness to move past the election event. The ETF's performance aligns with November seasonality trends, and it is now positioned close to its all-time high of $244 reached in 2021, with some analysts projecting targets as high as $240 by year-end. Call buying activity has also surged, indicating heightened bullish sentiment among traders.