The small caps continue to weaken off their prior highs, seen on the daily chart below.
The main downside level for bears to attack is 1,082, the “neckline” of previous lows and well-defined support.
While we remain above there currently, the threat of a major topping out pattern is still very much in play here, despite how riveting of a late-spring/early-summer rally we just witnessed.
Either way, the Russell is not trending higher in 2014. Instead, it is a long, strange trip of vacillation.
I am still in full cash on a vacation week.
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Divertiti e riposati !!! dove ?
“the threat of a major topping out pattern is still very much in play here” – agree
DJ-30 also has an interesting ‘ascending wedge’ thing going on with the daily chart.. Plus an ‘expanding triangle’ on the monthly ..