The Russell 2000 kissed the underside of it’s 161% Fibonacci extension level in August at (1), where it quickly reversed and declined more than 20%.
The swift decline now has small caps testing rising support and their 2015 highs at (2). While testing dual support, weekly momentum is now reaching oversold levels. The last time momentum was this low for the Russell was at the 2009 lows.
Until broken, this is a strong support test for small caps and is a critical test of support for the Russell's long-term trend.