The Russell 2000 Index (INDEXRUSSELL: RUT) turned up nicely last week.
This strong reversal triggered an ellipse turning point indicator (bullish).
This price action is similar to what we saw back on May 31.
Momentum is building for small caps, and we would be adding to Russell 2000 longs right here and more aggressively above 1625.
Should the move carry higher, it could ultimately target 1800.
It’s right to keep an eye on highly ranked small cap stocks.
Below are daily and weekly charts with annotated analysis
Russell 2000 Index “daily” Chart
Russell 2000 Index “weekly” Chart
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