On The Fly: Weekly technical notes for Russell 2000

The Russell 2000 (RUT) is set to end up for the week and very near its life high of 1452.09. A move above the old high if momentum remains positive into next week appears highly likely. Without resistance, the 1460 area becomes the likely next upside objective. Support is at the 1440 area. Sector breadth was strongly positive. In descending order of gains, Energy, Basic Materials, Industrials, and Telecommunications Services were the leaders. The Utilities sector was the only loser for the week and was off fractionally at that.