On The Fly: Weekly technical notes for Russell 2000

At time of writing the Russell 2000 (RUT) was set to end the week lower and below the 1500 level, which had previously been support throughout much of the year. It is, however, finishing well off the deep lows set on Wednesday and Thursday in the area of 1465-1455. That support area is the one to watch next week as a breakdown could see substantially more price weakness. Equally, a move above 1500 would be bullish on the margin, pushing price back into the low of the range it has occupied for most of the year-to-date. Energy, Materials, Consumer Discretionary, Communications Services, and Technology were the downside leaders. Only the Utilities finished up on the week.