| 2019-01-11 14:23:48|
IWM, RUT 14:23 01/11 01/11/19
On The Fly: Weekly technical notes for Russell 2000
For the week the Russell 2000 (RUT) broadly outperformed on the upside relative to large-caps. In terms of the sharp drop that characterized December trading, the Russell has recovered considerably more than half its losses. By comparison the S&P 500 (SPX) is hovering just below the 50% retracement level. As we head into the coming week, the big resistance level to watch is at 1500. Getting back above that level would mean that the index had recovered more than two-thirds of its December losses. In this past week, a large zone of support emerged in the 1420-1400 area. This will be an area to watch as a break could lead to a retest into the high to mid 1300s.