Good morning. Happy Wednesday.
The small caps continue to lead the market higher. Here’s the Russell 2000 daily. It’s the only index to have completely recaptured its Jan and early Feb losses.
Backing up, current resistance at 650 was support in mid 2008, so the level is significant. If it’s taken out, the next stop is 700 – a whole number plus it was support in Sept 08.
Backing up one more time, here’s the monthly. Things only get tougher here – big block of potential resistance just overhead. How many investors out there have been waiting to get out even?
The Nas is doing well…the S&P and Dow are lagging because the banks are lagging. Also some tech stocks (INTC, MSFT, IBM, HPQ) were noticeably weak yesterday. Something has to give. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers
0 thoughts on “Before the Open (Mar 3)”
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Do support and resistance really apply to a derived index such as the RUT? If I decide to trade a small cap stock, I will use TA based on the stock’s own price/volume patterns, not on the index’s. Just wondering.
Thanks,
Paul
Yes they apply…if for no other reason they become a self-fulfilling prophecy.