In our last update on RUT [see: Jul 23, 2024 Update] had recently reached our 2282 target and was within striking distance of our 2364 target after coming within 4 points of our 1629 downside target.
RUT tumbled 13% to tag its 200-day moving average before making a run to 2364 last month. It wasn’t done, however, rallying to slightly above its Nov 21 highs where it reversed again – this time by 11%. The total run since Oct 2023: 51%.
As an index made up of small-cap companies, the Russell 2000 gets a lot less attention than the S&P 500 or the nonsensical Dow. But, its gyrations have helped us forecast the overall equity markets. So, it’s worth taking another quick look.
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