$RUT Russell 2000 Index
Trading > 50 DMA
Next S/R zone marked ~1,950 pic.twitter.com/cqZbGeulCi
— Shane C. Murphy (@murphycharts) July 20, 2022
Today’s Chart of the Day was shared by Shane Murphy (@murphycharts). The Russell 2000 has bounced about 10% off its June lows, but it’s still down more than 25% from its all-time highs. Shane points out that it is successfully holding long-term support around 1700 so far. However, there’s a major resistance level about 5-6% higher from here around 1900-1950. Price was already rejected here a month ago…will the second time be the charm?