On The Fly: Weekly technical notes for Russell 2000

For the week the Russell 2000 index (RUT) is set to end fractionally higher. With price last at 1533.09, the index remains well below its life high. As mentioned here last week, the bullish pattern that had been in place has been voided and the index has settled into a range. Investors are favoring large-cap over small-cap, as seen by the outperformance of the S&P 500. Resistance for the week is at the life high of 1559.61 and support will be at 1510. Sector breadth was mixed this past week. The leading sectors were Health Care, Energy, Technology, and Basic Materials. The weakest sectors were Utilities and Consumer Staples which ended sharply lower for the week, followed by smaller losses in the Financials and the Industrials.