Tuesday, January 15, 2013

The Russell 2000 & Dow Jones Transports made all time high today... Leading by example? | $IWM $RUT $DJT |

weekly Russell 2000 
The all time high the Russell 2000 placed today was 884.84..... We spoke about the Russell 2000 on the 2nd of the year indicating a inverse H&S pattern.
"The real story here is the Russell 2000 small caps as they broke out to multi year highs this morning after the index played possum for months. Chart below"
This inverse H&S has begun to break out to the upside of the right shoulder with 875 being the break out............with perhaps 900 being a reasonable target. A weekly zoom below the fold.

Weekly RUT 
Also worth noting about today's tape was the Dow Jones Transports made a all time high of 5,645.75.
20 year Transports