In today’s briefing:
- Russell 2000 (IWM) Testing $180 Support; Breadth Remains Constructive; Construction/Engineering Buys
Russell 2000 (IWM) Testing $180 Support; Breadth Remains Constructive; Construction/Engineering Buys
- We discussed last week how consolidation was likely, so far that has played out with the SPX back testing the 4300-4325 area which we anticipated would cap upside for 2023.
- We continue to watch short-term support at 4300, and we cannot be bearish if the S&P 500 is above 4300.
- The Russell 2000 (IWM) is back to test support at $180; we would expect to see this hold as support, but a failure to hold would mean a trip to $170
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