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Wake Up Time for the Russell 2000?

Long
TVC:RUT   Russell 2000 Index
The Russell 2000 has been snoozing for most of the year, following a sharp rally last winter. Now traders may want to watch for signs it could be waking up.

The main feature on this chart is the series of higher lows since August, while the top of the range has remained around 2310. That’s starting to resemble a bullish ascending triangle . It’s also noteworthy that RUT made higher lows in September and early October, while the S&P 500 and Nasdaq-100 made lower lows versus August.

Next, the consolidation has occurred along the 200-day simple moving average ( SMA ).

Third, RUT just completed a bullish inside candle on the weekly chart.

Consider the events calendar, with major tech names like Apple and Amazon.com reporting this week. Once those catalyst pass, sentiment may shift.

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