Russell 2000: First daily advance of the new year
The Russell 2000 (NYSE: IWM) tumbled to fresh 15-month lows Monday, but generated a solid recovery rally off those lows to close near opening levels. The index gained 2.35 points to 723.95, notching the first daily advance for 2008.
Looking ahead to Tuesday’s action, the market could find some direction off morning Federal Reserve speakers, but it’s unlikely that the afternoon consumer credit data will spark any volatility. Resistance comes in at 734 and 740, while support is at 714 and 701.
