RUSSELL 2000s record breaking dayHi Guys,
The Russell 2000 has been somewhat of a laggard compared to the 3 other major indices this year. Yesterdays session close put paid to the laggard title. After yesterdays session close the Russell 2000 finished 4.4 standard deviations above its 50dma. No other major US indice (DOW 1900, S&P 500 1928, NASDAQ 1971) has ever closed at that much of an extreme.
The chart has 3 possible resistance zones should the Russell fight its way out of the first blue box. Attempting to find sell entries is not fighting the trend as the old analogy suggests we dont do but rather to get a lift down with a retrace and hop on the trend at a lower / discount point, The lower blue boxes are obvious support / demand zones should we retrace to there. The 50dma anchored vwaps and 200dma are confluence for long trades from those zones.
Safe trading all