Russell Aced The Test
Dragonfly Capital | Nov 19, 2017 04:38AM ET
It is the Friday before Thanksgiving and I am getting excited for the holiday season to begin. My kids are off from school all next week so today is their last day before the holiday. I sent off my 7th grader with cupcakes for his Spanish class and lemonade for Science. Not sure how much learning will be going on there. My 5th grader is a different story. She has two tests today.
Someone else has a test today, the Russell 2000. It has been pulling back for more than 6 weeks from an all-time high in October, but in a bull flag. This week has been the 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 2000.
The break down was then cause for concern as a failed break out. And then, Thursday, it reversed. And it did it with the force of a Russell Westbrook 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. Lets see if Russell does well on his test today.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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