It was a mixed bag for indices with the Russell 2000 continuing its move towards the December swing low while Large Caps edged higher.  The Nasdaq had a middling Friday, ending the day on a neutral doji despite a higher close.  In the case of the Russell 2000 the index made a small loss but also finished on a neutral "spinning top" - comparable to the action in the Nasdaq. Technicals are net negative although stochatics moved out of oversold conditions. 

It's looking more likely that we will see measured moves lower across lead indices.  The Russell 2000 is the most vulnerable, and has the the deepest measured move target of $195 from the ETF ($IWM). It should be noted, should the Russell 2000 reach this target it would only fall back to where the index traded this time last year, and well above breakout support of $165. The Covid low of 2020 was clearly a good buy (as noted in the tables you see below this article), the next low (if it reached is measured move target) will be another.

Markets made an attempt to bounce after a few days of consolidation. The started with a gap higher and lead indices were able to build on this move, but a one day bounce does not a recovery make.  The Russell 2000 ($IWM) is the underperforming index, and while it did gain over 2% it stalled at its 200-day MA. Volume was well down on previous selling, reflecting a lack of conviction on the part of buyers. Technicals have been negative for a long while and there wasn't much of a improvement today.

Indices continue to fall as traders grab profits before the holidays. While the Russell 2000 is the index feeling the most pain it handed the headlines over to the Nasdaq on Friday when it undercut its 50-day MA, on higher volume distribution. Technicals are net negative, but internediate term stochastics are not oversold.  The index is underperforming relative to the S&P as it works its way towards its 200-day MA.