On The Fly: Weekly technical notes for Russell 2000

The Russell 2000 (RUT) broke out to fresh life highs this week, triggering a large-scale bullish ascending triangle patter that has upside potential to the 1725-1750 area over time. At the last price of 1627.37, there is no established resistance. A push to the 1650-1675 area becomes the next probable technical range objective. Support is at the 1610 area. The groups that lead the index advance are Energy, Health Care, Consumer Staples, and Consumer Discretionary. The interest-rate sensitive Utilities was the only group to end in the red.