Add to further deterioration in the overall stock market.
The Russell 2000 Small Cap Index is in the process of breaking a MULTI-WEEK ASCENDING TRIANGLE at 1425
to the DOWNSIDE this week. 1405 8/3 CL.
The index had broken above triangle resistance each of the last two weeks of July, only to close back below resistance.
A FALSE weekly breakout to the upside,
followed by a clear break to the DOWNSIDE this week would be extremely BEARISH for small cap stocks,
which had been a leader in the market advance for many weeks.
The_Unwind
The Russell 2000 Small Cap Index is in the process of breaking a MULTI-WEEK ASCENDING TRIANGLE at 1425
to the DOWNSIDE this week. 1405 8/3 CL.
The index had broken above triangle resistance each of the last two weeks of July, only to close back below resistance.
A FALSE weekly breakout to the upside,
followed by a clear break to the DOWNSIDE this week would be extremely BEARISH for small cap stocks,
which had been a leader in the market advance for many weeks.
The_Unwind