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The Russell has been a little weaker than the 500 index over the past month, reflected in the lower left inset chart above. The decline of late in the Russell broke support drawn off the lows last fall and this morning the Russell is “kissing the underside of this resistance line for the first time!”
The small decline in the S&P 500 hasn’t proven that positive momentum is gone!!! Keep a close eye on how this weaker index acts as it kisses resistance! If the Russell hits resistance and pushes down hard, it would be a negative for the broad market.
Belsha….very large weekly bullish wick on the Russell last week.
With a weekly close at 817, would you consider that the bearish “kiss of death” is invalidated on the Russell?
If I drew the trend line correctly, then RUT would need to exceed 806 to break through resistance.
Is this number close to what you see?