The small cap ETF for the Russell 2000 Index shows a a clear downtrend since July which has now been breached.
To say the Russell is now going to V-shape to new highs is to assume the same bull market playbook is intact. But we do know that downside momentum abated late-last week, and a snapback rally is underway.
I am looking at the $115 area above as a spot where sellers will try to come in again. Above there, and and we could see panic buying ensue.
Elsewhere, NFLX PCLN TSLA are leading the leaders, while FB is still trying to get going over $74.
It is not all peachy for bulls, though, as names like GOGO P look particularly vulnerable here.
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Lot of trapped bulls higher up, just watching to see when/if they show up too.
Have to see where/if overhead supply kicks in.
any chance we test the lows again before higher, thanks
Always a chance. Just have to see if and when sellers present themselves again.