Russell Gap

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This seems exactly like last week. That is, a firehose of bad news all through the weekend, a big gap down on Sunday, and then, step by step, green across the board. Annoying. Absolutely annoying. Anyway, here’s IWM:


I’ll say a couple of things about what the small caps have been doing:

  1. Last week, on Friday, we finally broke the ascending trendline from March 23rd. The damage was small, but the break was real.
  2. It looked like we might break it today, but nope, it’s been very strong, at one point ascending well over 3%. A minor price gap, but still worth watching, is at the level highlighted above. This represents a pretty decent line in the sand to represent resistance.