Greetings All,
Here is the Russell 2000 chart...
geocities.com
It is currently sitting on 2 lines of support, both the 2/8 line, which is one of relative strength and the 11.25% line, which is the "normal" growth rate. The dotted lines are support and resistance lines for the 11.25% line.
If you take the high and low of the chart, the 3/8 retracement would be 416, we are currently at 420. The 1/2 retracement is 400. On the MM cahrt it actually shows 390 to be the point of support. If you do patterns, Russell 2000 is coming off of a failed correcting double top. If you draw the neckline across 422 and note the top, there is a 23 point difference. Subtracting 23 from 420 puts you at 397, which coincides with both Murrey and Gann. If you study cardinal values, the ones closest to the current value is 400 and 430.
Our markets are currently weak and if they continue to look for support, these will be the areas I watch.
-- Gt -- |
