The major indexes easily remained in their current uptrend channels while making higher highs throughout the week. The one index that slacked were the small-caps as the Russell was down about 1% for the week. This wasn’t too surprising as the index outpaced the other major indexes over the prior two weeks.
Shaky but key support at 2,400 failed to hold on Thursday’s fade to 2,395 and close at 2,396. Friday’s close back above this level keeps 2,450-2,500 and the November 25th all-time high at 2,466 in play. The 2,500 level represents our 25% higher Price Target from February 23rd when the Russell was at 2,016.
There is wiggle room down to 2,375-2,350 if 2,400 and the middle of the uptrend fails. Major support is at 2,300 and the bottom of the current uptrend channel if 2,350 fails.
