Russell 2000 Resistance

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The small caps have been banging around their range ever since they entered it on January 18th. We are getting close to the top of that range. I would point out in particular the blue trendline; any surviving bears out there do NOT want to see price levels cross above that line (please take note of the bullish inverted head and shoulders pattern which is within the range right now, although these have been flame-outs so far this year).

A nearly identical view can be had with the cash index itself; here, I’ve zoomed in closer to show how proximal the key resistance line is to the price itself.