On The Fly: Weekly technical notes for Russell 2000

The Russell 2000 (RUT) is set to end the week substantially lower in price. It is in a price range close to that seen in June, putting it in a more precarious position technically than the S&P 500 (SPX). A key level to watch for the coming week is at the 1350 area, which would test support going back to April. Resistance is at the 1400 area, which the index would need to retake to avoid being in a stronger corrective phase. Sectors were mixed for the week with Technology, Basic Materials, the Financials, and Industrials leading on the downside. Telecommunications Services and the Utilities were the stronger sectors.