| 2021-10-22 15:56:08|
IWM, RUT 15:56 10/22 10/22/21
On The Fly: Weekly technical notes for Russell 2000
For the week the Russell 2000 (RUT) is finishing higher but well below its best levels of the week. The index has been mired in range-bound conditions for most of the year. A move above 2300 would trigger a bullish ascending triangle, but that level once touched has proved to be very hard resistance. It becomes the key upside level to watch for next week as the upside could be to the 2500 area. This index has a habit of remaining in a range for long stretches followed by sharp upside breaks. Resistance in the upcoming week will be in a range of 2300-2360.17, with the latter the life high. Support will be at 2275-2220. The best performing sectors of the week were Energy, Financials, Industrials, Technology, and Real Estate. The Utilities ended fractionally in the red.