NEW YORK (TheStreet) -- The S&P 500, the NASDAQ 100, and even the Dow Jones Industrial Average have broken over their September highs. The Russell 2000 has so far not managed that breakout.

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To get volume information we used the (IWM) - Get Report , the iShares Russell 2000 ETF. In this chart of the IWM, above, we can see that the IWM made a low in August and then a slightly lower low in late September. We have rallied above the 50-day Moving Average but prices still have not been able to clear their September highs.

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With this chart above we have changed the indicators. With the bullish position of the Moving Average Convergence Divergence oscillator, we look for IWM to eventually break out over the September highs. We think it is still possible for the IWM to rally into the $125-$130 area by year end as they play catch up.