On The Fly: Weekly technical notes for Russell 2000

At time of writing the Russell 2000 (RUT) was essentially flat on the week; one that was marked by greater volatility. The life high set at 1604.02 is initial resistance heading into next week. It should be noted that there is a potential bullish pennant setting up on the daily 1-year chart that would be confirmed as active on a move above 1605. That pattern has upside to the 1650 area. Support for the index is at the 1580 area. For the week the best-performing sectors were a bit more distinct from the S&P 500 than is typical. Technology and the Industrials were by far the leaders. Consumer Staples, Consumer Discretionary, and the Financials were the next best. No sector finished in the red, but Utilities, Health Care, and Energy were underperformers.