The Threatening Breakout

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Well, after all the good reasons why the market would be down this week, it just isn't happening. 2012 appears to be the year when everything goes up a little, day after day.

The Russell 2000 has been threatening to break out. The level at 773 appears to have tremendous sway over this index, having represented firm support for a long time and, most recently, resistence. A clean break above this level might open the floodgates. Be wary.