RUT Russell 2000 Small Caps Daily Chart Loses 50-Day MA H&S Patterns Gap

The RUT lost the 50-day MA today, a bearish indication. The upper standard deviation band (pink line) was violated as November ended so price needed to move back to the middle band, and potentially lower band. The lower band is 1096.43 so it is a reasonable expectation for price to print in this area. The brown bars show an H&S with head at 1150, neckline at 1100, which targets 1050 if the 1100 fails. The 1050 is also a juicy gap and horizontal support at 1040-1050 provides further street cred for this target. The blue bars show an H&S with head at 1150, neckline at 1080, which targets 1010 if the 1080 fails. The RUT has not back tested the 200-day MA, now at 1021 and rising, for over one year's time, unprecedented behavior.

The indicators are weak and bleak wanting to see lower lows even if a bounce occurs. Projection is sideways to sideways lower moving forward. Downside targets are 1100, 1096, 1080 and 1050. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.