The Russell 2000 is on the verge of breakdown
Russell 2000 per day
The Russell 2000 is poised for its lowest weekly close since November 2020. It has fallen in four straight weeks and seven of the last eight.
It is trading at 4:46 p.m., which is only 0.3% above the intraday low of 1641 in June 2022. The index is down 0.6% today. If this level exceeds, we could find ourselves facing a world of technical problems. The Russell 2000 range has been developed over 18 months and both sides have been tested several times.
Getting back to basics, a break in the index would indicate a recession and a stubbornly high rate by the Fed. This is certainly a plausible scenario for 2024.
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