Is The Small Cap Russell 2000 Index Rolling Over?

Sharing is Caring!

by Kimble Charting

Small cap stocks spent several months charging higher out of the 2020 coronavirus crash lows.

BUT they have also spent the past several months forming a reversal pattern that is beginning to look like a “U-Turn”.

Today’s chart looks at the Russell 2000 small cap index on a long-term “monthly” basis.

As you can see, the Russell 2000 has traded in a broad rising price channel since 2009. This year, the index rubbed up against the upper end of the channel before trading sideways for months at (1). The upside was also limited by another key level – the 161% Fibonacci extension level. AND at the same time momentum was sky high at (2).

See also  Tim Pool & Russell Brand: The Mainstream Media Are Trying To Start A CIVIL WAR!!
See also  Nearly 1 in 3 small businesses using technology to compensate for worker shortage: survey

Now it appears that the small cap Russell 2000 Index could be rolling over. Will this key Fibonacci level and momentum peak mark a top for small caps? Stay tuned!

This article was first published at See It Markets.com. To see the original post CLICK HERE.

 

 

386 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.