“The Russell 2000 has turned around on a relative basis this month. The relative ratio chart shows a reversal from just above support from October last year. Outperformance from this higher beta area is indicative of a bullish market place,” said Investors Intelligence technical analyst Tarquin Coe.
“The price chart is finding support at its 200-day exponential moving average. A test of the 2012 high from March … is expected,” he wrote in a newsletter Wednesday.
Russell 2000
Full disclosure: Tom Lydon’s clients own SPY and IWM.
