Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Russell Aced The Test

Published 11/17/2017, 01:08 PM
Updated 07/09/2023, 06:31 AM

The Russell 2000 has been pulling back for more than 6 weeks from an all-time high in October, but in a bull flag. This week represented a big test as it has gathered a little steam to the downside. In fact early in the week, it broke down through what was a year-long rising channel that contained it until October. When it busted through to the upside it seemed like smooth sailing for the Russell.

iShares Russell 2000

iShares Russell 2000 ETF

The break down was then cause for concern as a failed break out. But then on Thursday, it reversed. And it did it with the force of a slam dunk. It recovered back over the prior channel and kept going. Should it finish here, or even a little lower but above the channel, it will have successfully tested and held as support. Good times then. Keep your eye on the Russell.

Latest comments

Talk about premature celebration. There hasn't even been a correction yet in stocks. That's still ahead of us
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.