Russell 2000: Bears clearly in charge
The market was unable to generate any upside follow-through off Monday’s recovery move, and the Russell 2000 (NYSE: IWM) tumbled 19.09 points, or 2.64% to a fresh low before closing at 704.86 on Tuesday. Momentum readings are extremely oversold, which could stall downside aggression, but for now the bears are clearly in charge of things.
The next downside target is at 700.00; after that there is very little chart support until 685. On the upside, resistance comes in at 712 and 721.
