On The Fly: Weekly technical notes for Russell 2000

For the holiday-shortened week, the Russell 2000 (RUT) outperformed its large-cap counterparts as the earnings season for the index continues. At the last price near the 1585 area at time of writing, the Russell 2000 is very close to breaking out above 1600. This becomes a target for next week. A breakout above 1600 would clear resistance back to mid-October 2018. This would be technically bullish for future price. The resistance band of 1600-1640 would become the next upside test objective. Support is at the 1570-1560 area. Sector breadth was strongly green across the board for the week. Sectors that performed best for the week were Basic Materials, Energy, Industrials, and Communication Services.