Russell 2000 Spotlight: Decision Time!
While the S&P 500 and Nasdaq flirt with fresh all time highs and the Dow not far behind, the Russell 2000 comes into focus as the market decides which way it will go. Because as you know the market can do whatever it wants...
In reviewing the weekly /RTY chart one can see that it's not making new all time highs and a big decision is looming. While we're not in the business of predicting market moves we do anticipate in a bi-directional manner potential levels price could reach.
There are solid targets to both the up and down side and is often the case these levels "get filled" around news events. But, we never know which news event could be the catalyst behind a market move.
Could it be the October FOMC interest rate decision, or corporate earnings, or Brexit, or China trade talks, or Impeachment, or.... well you get the idea.
With all these factors that are outside of our control that can move the market we must remain focussed on what we can control and that is very simply our trade entries and exits. It's always best to have your trade plan well defined before entering a trade and from a higher time frame perspective at least this chart should provide some realistic targets in either direction.
Free Russell 2000 Weekly TOS chart link: http://tos.mx/iZtZ8H6