Russell Aced The Test
Gregory W. Harmon | Nov 17, 2017 01:08PM ET
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.h3 iShares Russell 2000/h3
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.
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