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Sunday, August 13, 2017 4:44:30 PM
Small Caps Break Down; Where's Support?
By Tom Bowley | August 13, 2017
The Russell 2000 fell for the third consecutive week and its 2.70% loss last week fell below its rising 20 week EMA for only the second time in 2017. It was a significant violation and now this index is staring at key price and moving average support in the 1340-1350 zone:
Note that the rising 50 week SMA is currently at 1349, providing further support in that 1340-1350 area. If all that support fails, then the next price support level would be the June 2015 top just below 1300.
Happy trading!
Tom
http://stockcharts.com/articles/dont_ignore_this_chart/2017/08/small-caps-break-down--wheres-support.html
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By Tom Bowley | August 13, 2017
The Russell 2000 fell for the third consecutive week and its 2.70% loss last week fell below its rising 20 week EMA for only the second time in 2017. It was a significant violation and now this index is staring at key price and moving average support in the 1340-1350 zone:
Note that the rising 50 week SMA is currently at 1349, providing further support in that 1340-1350 area. If all that support fails, then the next price support level would be the June 2015 top just below 1300.
Happy trading!
Tom
http://stockcharts.com/articles/dont_ignore_this_chart/2017/08/small-caps-break-down--wheres-support.html
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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