As had been discussed in last night’s The Rising Wedge Is Back, it seemed possible that the Russell 2000 could bounce just above 800 on that little appendage pattern that had formed over Tuesday and Wednesday.
Clearly it’s found that bounce up but unless it climbs above 804.26 and then 808.85, this small cap index is likely to drop back down below its 50 DMA quickly and the difference will come down to whether the Russell 2000 is trading in a bullish intraday Falling Wedge or a bearish intraday Descending Trend Channel.
Frankly, the Falling Wedge looks a bit stronger, but there’s an intraday gap at 788 that is likely to close sooner rather and later, and thus supports the Descending Trend Channel.
Levels are the way, then, at 794.36 and 799.05 on the downside and the aforementioned 804.26 and 808.85 on the upside with a close below or above either side indicating whether this week’s brief close below its 50 DMA was a sign of bearish things to come for equities more broadly.
It is for this reason that it seems to make sense to watch the Russell 2000.
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Watch the Russell 2000
Published 03/09/2012, 12:43 AM
Updated 07/09/2023, 06:31 AM
Watch the Russell 2000
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