US Small Caps Look Set to Breakout

Matt Simpson financial analyst
By :  ,  Market Analyst

In today’s video we look at the Russell 2000 index as it appears set for a breakout. Even if it initially pulls back from resistance, the trend structure on the daily chart appears favourable for an eventual break higher.

As for yesterday’s video, silver failed to break above Monday’s high to trigger the bullish. Instead, a strong dollar pushed prices to a new low, thus invalidating the setup over the near-term. But with the FOMC meeting looming and the US dollar very much in focus for it, do not write-off its potential for a volatile move. And if it can break above Monday’s high then traders should take note that the daily trend remains bullish, despite yesterday’s setback.

 

 

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