With the ES and NQ seeing some major weakness there seems to be a market rotation out of the tech sector and into small caps. The reason I like RTY for a continuation of bullish momentum is because price action is setting up in a bullflag with higher swing lows and two strong wicks through the top trend line possibly taking out some sell orders clearing the way for the bulls to push through.
This could also be the formation of the W pattern. There is a triple top at the neck line of the W pattern at 2273.9 which is a key level that if is broken would signal more bulls to enter possibly pushing to test 2304.5. Resistance after the double top would be at 2340 which is the measured move from the neck line down to higher low at 2204 (677 ticks).
This could also be the formation of the W pattern. There is a triple top at the neck line of the W pattern at 2273.9 which is a key level that if is broken would signal more bulls to enter possibly pushing to test 2304.5. Resistance after the double top would be at 2340 which is the measured move from the neck line down to higher low at 2204 (677 ticks).
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