Another Day Waiting For The Breakout In The Russell 2000
It has been a relatively slow start to the week given what is at stake we remain waiting for the potential breakout in the Russell 2000 (IWM). The Russell 2000 has drifted back in relative underperformace against the S&P, but only to a small degree. Other technicals remain net positive.
The Nasdaq and S&P both closed higher. Not enough to kick start a continuation of the rally, but the sizable gaps from early November for both indices have the look of measuring gaps, and this means there is still more to come for these indices.
I remain optimistic for the Russell 2000, but it's feasible we will see moves higher in either the S&P or Nasdaq before then. Bulls hold all the cards at the moment, quite the change from late October.
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