Russell 2000: Dealing with Friday's gap opening
Small-cap stocks collapsed Friday, gapping lower on the opening and never looking back. In the end, the Russell 2000 (NYSE: IWM) closed down 19.54, or 2.77% at 686.18, the third-largest point decline of the year. In today’s trading, chart support comes in at 683, 680 and 675. A breach of the latter could see a support “vacuum” down to 660 toward the 2008 bottom of 650. Meanwhile, resistance is pegged at 694, 701 and 712.
This week is a huge one for economic data, and things start off with a bang this morning as the market will react to the ISM Manufacturing Survey at 10:00 a.m. ET and throughout the day to various vehicle sales numbers.
