RUSSELL 2000 INDEX (RUT)

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Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s, select commodities, cryptocurrencies and global equity indices. Below chart is from the review section of the weekly report. It is featuring a trading opportunity on the price chart of Russell 2000 Index.

Russell 2000 Index, a measure of small cap performance, found support at the June 2022 lows; 1,650 levels. Until there is a breakdown below the support, I see a trading range between 1,650 and 1,900 levels. Breakdown can resume the downtrend. This week’s price action managed to hold above the June lows. Breakout above 1,780 levels can result in a short-term bullish reversal with the price target of 1,900 levels. I favor Russell 2000 Index for a short-term long position when compared with other U.S. equity benchmarks.

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