The Russell 200 Index closed the week ending 14th March 2025 at 2044, just below the 50% Fibonacci retracement level of 2049.50, based on the 1657 to 2442 range traded between October 2023 and November 2024. A more important support level lies at 1956, being the Fibonacci 61.8% retracement level of the same range.
We feel that this level will be difficult to crack in the short-term and will serve as a solid base for a healthy rebound. It is worth noting that the 14 day relative strength index recently touched 24% and has already rebounded toward the 35% level. The MACD-V indicator level of minus 167 is also indicating that this market is exhibiting signs of bearish exhaustion.
Disclaimer
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