Northam,
the recent run up in the Russell 2000 has now had three gaps up and a hammer reversal starting in early February. It has also made a new high. So support for $RUT is at maybe 648 which is the previous high for this recovery, or within yesterday's trading range, however anyone prefers to look at it.
The S&P 500 is just as well off. Dido for the Nasdaq composite. But, practically speaking, both of those are sitting at or very near their previous highs.
There's not enough volume to support an argument for herd reversal -- there is obviously no pile-on going on.
Interpretation: gotta have guts to short the market here, especially on speculation only.
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