US2000 Testing Underlying Support

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the US2000. Price is approaching the underlying support level around the 1,520 area (blue shaded horizontal). If this holds, a double bottom may chart. We note that the RSI(9) is still under 50 and bearish (blue rectangle). In order for the smaller-cap index to make any headway in terms of gains it is important for the indicator to cross and stay above 50. We continue to monitor.

Past performance is not an indicator of future results.

CHART SOURCE: FXCM MARKETSCOPE 2.0

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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