On The Fly: Weekly technical notes for Russell 2000

The Russell 2000 (RUT) ends the week near the 1700 area, leaving only the life high at 1708.56 as significant resistance. There is something to note, however, on the chart and that is a small potential double top. The first peak was on June 20, and the second on July 9. This pattern will be active next week unless there is a breakout back above the life high. This would be technically bearish for future price. Downside potential for the pattern if it remained active and completed would be to the 1600-1590 area. On a breakout above the life high, there is no established resistance. This would put the 1725-1750 area into play as a possible upside range on a breakout.