Mini Russell 2000 Staged Very Small Recovery
Jason Sen | Sep 29, 2014 01:38AM ET
Mini Russell 2000 staged a very small recovery beating 1109 but the 1118/21 area could be a useful selling opportunity today with stops above 1125. Be ready to go with a break above here however as this opens the door to a test of strong resistance at 1133/35. Exit longs & try shorts with stops above 1140.
The longer term pattern for this market is worryingly negative & below 1109 signals a retest of important support at August/September lows 1103/00. A break lower however is looking quite likely & signals more downside pressure to target 1190/89. We could even continue lower to May lows & 7.5 month trend line support at 1079/75 this week.
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