The Russell 2000 futures rocketed higher this morning to a lifetime high, then I noticed they did a perfect about-face at a line I had drawn a while ago. I was naturally curious what this line was, because longer lines tend to be more meaningful than short ones, and I wanted to see if this went back just a few days.
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Well, no, it was a big one: this line goes all the way back to the mid-March bottom, and its first half served as support and its second half served as resistance. And it did so with remarkable accuracy this morning.
(Click on image to enlarge)
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