All of the major benchmarks are back in a neutral state…but for how long? But, if we look at our shorter-term readings (not shown here) most of the benchmarks are in a very oversold state so a push higher over the next day or should not be unexpected. However, don’t forget the huge gap up that has yet to close in almost every ETF we follow. I expect we will see the close of the gap before March expiration arrives.
As for the small-caps, the Russell 2000 ETF is hovering around its upward trendline from late 2012. It dipped below $118.50 today and if it manages to stay below those levels we could see a new overhead resistance form. My positions certainly would enjoy a reprieve over the short-term.
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