The Russell 3000 Index ($RUA) had its 3-session winning streak snapped following the pullback to 1,682 into the closing bell. Upper support at 1,680-1,665 held on the close back below the 50-day moving average. A move below the latter opens up risk towards 1,650-1,635 and the 200-day moving average.
Resistance is at 1,690-1,705 with last week’s peak reaching 1,704. Continued closes above the 1,700 level keeps upside potential towards 1,710-1,725 in play.
RSI is in a slight downtrend with support at 45-40. A move below the latter reopens risk towards 35-30 with the latter representing the monthly bottom. Resistance is at 50 with a move back above this level signaling a return of strength and a possible run towards 55-60.
