While the S&P and Nasdaq hover near recent highs, the small and micro cap weakness is still prevalent.
We looked at the latter two indices’ 30-minute charts yesterday and last night, and how vulnerable they could be on further weakness.
In fact, part of the reason why this morning’s price action seems to be so subdued may very well be the continued pressure in the small and micro caps.
On the updated 30-minute chart of the Russell 2000 Index’s ETF, note the $114.50 as a “neckline” of sorts. I am keying off this chart throughout the session to see if bulls can recapture it.
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