Russell 2000 In Take Profit Territory

The Russell 2000 pushes again into the 10% zone of historic high prices (1,388 would be enough for the 5% zone last seen in February 2011). Back in 2011 the index rallied for another couple of months before it lost 30% from its high. The next few weeks would be a good opportunity to take some money off the table to use on the next swing low.

On the Daily chart the ‘sell’ trigger in MACD reversed with a new ‘buy’ trigger.

Other indices gained, but none are as overvalued as the Russell 2000. The S&P is close to breaking to new highs.

Although Tech indices still struggle to regain lost ground.

Santa looks like he will stay through Christmas, but the New Year could be a tricky time.