Russell 2000 reverses off resistance
![Image](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4Eal-_jF9mpKSh2tBqKqeYJ2R8M8HmmqiYnx6lwrC4Za2n-Ot1WO1ZxSrrxiy6pZyvPRV0y82EytkE15L59XBQQRWZwUQ349OSe4A0vj0Zkkj8GwC447bnM4NX2hJ2UChXPWF1x7PTHYUj9tnG-gh_HFuSDsTJXkOVU0m_eBKdIbGsA-qq-lm/s1600/iwm_mar24b.png)
The Russell 2000 ($IWM) has shaped a four month cup-and-handle pattern, but Friday's challenge of handle resistance was not enough to generate the follow through needed to continue the rally. Despite the losses, On-Balance-Volume remains on a 'buy' trigger and the MACD has the potential to offer a 'buy' trigger of its own on the next gain. However, losses did reverse relative performance away from Small Caps to the Nasdaq. The Nasdaq banked a small gain Friday on trading volume which was lighter than normal. While price action gathered little attention, there was a return to net bullish technicals with a new MACD trigger 'buy' to go alongside the earlier 'buy' signal in On-Balance-Volume. Thursday's bearish black candlestick was not good to see, but Friday didn't deliver the losses such a candlestick can deliver. I have added a support trendline that will offer itself as an additional buy zone. Momentum is strongly bullish.