RUT Russell 2000 Small Caps Daily Chart Correction Territory -10%

The RUT small caps hit correction territory today down -10% from the top. The top is 1214 (1213.99) so a 121-point tumble (-10%) is 1093. Price is now under 1090. Note the death cross (black circle) from two weeks ago. The indicators remain weak and bleak but stochastics are oversold in the cellar needing to create a bounce in price in the near-term. The ADX is in a strong trend and getting stronger (pink box) showing that continued sustainable downside would be expected. Note the prior strong trends lower quickly petered out but now the moving averages have rolled over giving bears some additional juice. 

The prior low support in May is at 1082.53. Watch it closely since ugliness will blossom if the prior low support fails. 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.

Note Added 2:06 PM: The RUT is at 1084.94 with a LOD at 1084.66. The May support holds, for now.

Note Added 3:18 PM: The RUT prints a LOD at 1083.14 only pennies from the May support but the bulls hold support.........

Note Added 3:41 PM: The RUT prints a LOD at 1083.00 only pennies from the May support but the bulls hold support and equities recover into the closing bell. RUT is at 1086.27 and climbing. The bulls, although beaten badly today, raise their hands in victory since they held the May support.