Eighteen Twenty Eight

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No, the subject post is not the start of a lively debate about Andrew Jackson and John Quincy Adams. It is instead the mere mention of the evidently very important line of support on the Russell 2000 futures:


Looks sort of like a heart, doesn’t it? I just noticed that.

In any event, it’s clear this support level is made of reinforced concrete. Just look how obediently the /RTY did an about-face in the midnight hour:


As with all charts, it is a two-sided coin: the more times this level successfully holds, the stronger it proves itself to be; but if and when it finally breaks, the break will be that much more severe.

By the way, if you missed the earlier post about the introduction of Global Indexes, please check it out.