Russell 2000: Double top on daily charts
The Russell 2000 (IWM) stalled Monday, closing at 723.46, down 7.04 or 0.96%. The market also formed a double top on daily charts, and that pattern will take on more power if the market sputters again today. Resistance Tuesday comes in at the double top at 731, then at 742. On the downside, support is pegged at 712 and then at 702.
Looking ahead to Tuesday’s action, the 10:00 a.m. ET ISM Non-Manufacturing Survey could spark a little morning volatility, and there also is a Federal Reserve speaker (Richmond Fed Pres Jeffrey Lacker) talking about the economy at 12:15 p.m. ET that could generate some outside interest over the lunch hour. Of course, those issues could be overwhelmed by anticipation of the Super Tuesday voting results.
