On The Fly: Weekly technical notes for Russell 2000

The Russell 2000 (RUT) has been stuck in a wide range for all of 2019. That could change next week on a move above 1600. There is a potential bullish flag on the daily chart that would become active at 1605 or better that has upside potential to the 1700 area. Price at time of writing was only a few points away from 1600. A bullish turn in this index could change sentiment more broadly. A lack of participation by the Russell has been noted as a reason to stay cautious if not bearish on equities more generally. Best performing sectors of the week were Health Care, Technology, and Consumer Discretionary. The worst performing sector was Communication Services.