Russell At A Make Or Break Point
There is a strong level of resistanceforming overhead on the Russell (IWM). On the RUT it is at the 1212-13 level and on IWM it needs to push through the $120's.
On numerous occasions IWM has tested this resistance level and has quickly retracted in price - often times to the tune of 7-10%. Obviously, the same kind of sell-off wouldn't be seen across other indices, but it is very possible with the Russell right here. My target price would be around the $112-113 level for support off of the rising trend-line from the February lows.
If resistance is broken, I expect it to quickly convert to support as it did on the weekly chart below from February to August of last year.
(Click on image to enlarge)
2016 couldn't be any more crazier than it is right now and you are probably searching for a way to conquer these senseless markets. So do yourself a favor, stay in the game and sign up to ...
more