IWM | SOURCE: THE MARKETS (GOLDMAN SACHS)
Jan 23, 2026 IC-REF: 81121a2e

IWM: Valuation Sensitivity to Macro Regimes

Executive Thesis: IWM represents the purest play on the 2026 broadening trade as mega-cap tech underperforms and capital rotates to cyclical small-caps, but current overbought technicals suggest waiting for better entry.


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