The meandering Russell 2000 is continuing to drive me bonkers, but I wanted to offer myself, and you, a bit of longer-term perspective. Here is the kind of activity I’ve been tracking on the /RTY, with the salient portions highlighted.
My view, hope, and wish are that we’re experiencing an analogous “you are here” moment with the /RTY, $RUT, and IWM (all one and the same representations of the same market in different formats). A deep push higher into magenta territory would wreck my plans, but – – not yet.
Using the layered chart feature in SlopeCharts, here is the 2021/2022 top as compared to the present hoped-for top. They track pretty well, and if this is actually an analog, we’re late in March 2022 at this point.
Just as an FYI, the annual Russell Rebalancing is taking place, which will conclude at the close of business this Friday. The reconstituted Russell therefore opens on Monday morning (a week which, incredibly, includes yet ANOTHER holiday………..as if we weren’t buried in those already!)
