Holding On

The Russell 2000 index, so far, is holding the low from late September, and has some pretty decent support around this level. However, underneath this zone is a very thing structure, one that can take us much lower on further weakness. Here’s a 2 year view of the $RUT:

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And, here is a monthly chart of the IWM, the Russell 2000 ETF:

This chart above is the reason I prefer to see levels hold. Should we get into this volume pocket, all bets may be off for the bulls. As I type, I’m seeing more green on my screen, with another one of my positions, $NK, going green through this mess. It’s not all bad just yet, the bulls need to hold this level.