Russell 2000 10% correction and support around 1100 to 1080
Russell 2000 Small Cap Index Weekly Chart
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And the view from the daily chart
Russell 2000 Small Cap Index Daily Chart
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“Keep it Simple”
Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.
The Russell 2000 Small Cap Index and the ETF proxy iShares Russell 2000 ETF (ticker:IWM) are trading at an all-time high with a long-term uptrend. The fact that smaller capitalization stocks are leading the markets higher is a good sign for the continuation of the uptrend in the overall U.S. stock market. It is now trading around 16% above the November, 2012 low. The 15% to 20% intermediate gain for a stock or index is the critical range to monitor for topping patterns.
The large capitalization stocks represented by the S&P 500 Index and the SPDR® S&P 500® ETF (ticker:SPY) must now follow and breakout to new all-time highs. It is worth noting that the performance of both the Index and ETF have been skewed because of the relatively large weighting of Apple — 3.62% and 3.57%.
Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.
