2018-12-14 15:03:06 | On The Fly: Weekly technical notes for Russell 2000The Russell 2000 (RUT) is making new 52-week lows at time of writing, making it the weakest of the major indexes. At the last price of 1417.80, initial support is at the 1400 area. But there is a bearish pattern similar to that of the S&P 500 (SPX) on the daily chart. That pattern is a bearish flag that has downside potential, if the pattern remains active and completes, to the 1350 area. This would price back where it was toward the end of November 2016, when the big post-election rally got underway. Resistance is at the 1450-1475 area. For the week the worst-performing sectors were Consumer Discretionary, Energy, Basic Materials, Health Care, Industrials, and Financials. Utilities finished in positive territory as the sole winner of the week. |
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