Technically, I have my attention on volatility this first week of August. I saw lots of predictions over the weekend of how far down we might go (and many varying levels to watch). I shared on the weekend that I am watching 1082 for the Russell 2000 (the bottom of a double top pattern range). This seems reasonable to hold forth as a pattern-based range. We may test that support level this week (and we may not). I noticed that many missed this chart on the weekend, so I share it again below. I basically see 1082 as a “ledge”. If the Russell 2000 price firmly falls off the ledge, then the range is finally broken and odds are essentially WATCH OUT BELOW, because the markets have not seen trading below 1082 since October 2013.
Russell 2000 Weekly (worth watching for downside leadership)