Russell 2000 Index - Flirting with the rising support line at 1207

Date: 22nd October,2016 by Timothy Straiton
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Current level at the time of writing is 1218, trading below the monthly pivot level of 1240 but above the rising 200 day moving average of 1141. The weak 14 day relative strength index readings suggest that this market is due for a correction to the downside which will come into place once the rising support level at 1207 is broken. Initial downside targets reside at the 1140 and 1100 levels.


The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.