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March 21, 2006
Russell 2000 Turns Indecisive
The medium-term trend for the Russell 2000 ($RUT) remains clearly bullish, but the Russell 2000 ETF (IWM) is getting indecisive at its new highs. Two doji formed over the last two days and the stock has not moved much since surpassing 74 on Wednesday. A move below 73 would be short-term bearish, but still within a larger uptrend. Key support on the daily chart is set at 70. A move below this level would break the blue trendline, the 50-day SMA and the Feb-Mar lows. Then, and only then, will a downtrend begin.
Posted by Arthur B. Hill at March 21, 2006 02:51 PM