Russel 2000 moving towards 1600 level!?
Macro analysis:
Russel 2000 is losing the little support it has left here. Below is a lof of inefficiency, and the next serious support is around the 1600 level. Doesnt look good for small caps
Russel 2000 is losing the little support it has left here. Below is a lof of inefficiency, and the next serious support is around the 1600 level. Doesnt look good for small caps
Commento:
An obvious weekly close below the last lows creates a lower low which indicates continuation of the donwtrend
Commento:
Analyze played out perfectly
Commento:
For now, these are key area's. The resistance Russel is moving towards to challenge the last weekly high, which is at the same level as the range low of the long consolidation of the last year
At the bottom of the last low a solid consolidation is formed, which could act as support if this plays out. It's still a bear market though, so if Russel doesn't keep that zone it will find it's way to the next new low
At the bottom of the last low a solid consolidation is formed, which could act as support if this plays out. It's still a bear market though, so if Russel doesn't keep that zone it will find it's way to the next new low