Russell 2000 started this year as underperformer, but bear chanel was broken and we had nice upside follow through and retested 2013-2014 highs. But now 8 and 21 EMAs are broken, they supported price during this move up. Accelerated trend was broken on 8 of July and now it looks like a nice "h"-pattern with entry below $114 and stop above previous swing high and 8/21 EMAs at $116.50. 200 EMA could be my first target. Risk/Reward is not attractive in this case but what I like is high probability of this type of trade.
On Tuesday, Yellen reiterated that the Fed's loose monetary policy remained appropriate as the economic recovery was still incomplete. She also expressed concerns about stretched valuations in equity markets, especially the social media and biotech sector. Most of these small cap companies are in Russell 200.