Tech Reverses Off Resistance; Bull Traps for Semiconductors and Russell 2000
After two short plays were cut from under Large Cap traders it's now the turn of Small Caps and Tech indices to take a second bite of the cherry. In the case of Tech indices, there is resistance to work with too. The Russell 2000 finished the day with a 'bull trap', reversing Friday's breakout. This is a fresh shorting opportunity with a stop above 1,487. Technicals are bullish so there is no suggestive weakness which may guide to further downside so keep stops tight. The last stop was whipped out so without clear resistance there is a chance this could follow with another whipsaw signal.