On The Fly: Weekly technical notes for Russell 2000

The Russell 2000 Index (RUT) is set to end higher against last Friday's close and near the best levels of the week. At the last price of 1699.28, the index is only fractionally below its all-time high of 1708.56. If the Russell 2000 breaks out above that high, there is no established resistance. That would potentially open up a run to the 1720-1740 area. For support, the 1670 area is one to watch. A breakdown in price below 1670 could see a retest of the 1650 area. The best-performing sectors were Consumer Discretionary, Technology, Industrials, and Basic Materials. The sectors lagging were Energy and the Utilities.