Hugo
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Hugo in HTO Trading,

Russell 2000: Above the 50 week moving average

Since the beginning of the year the index gained more than 2.6% plus last week rose more than 0.5% and is in a well-established bullish phase since the end of May.

Last week the index rose with a narrow range and closed in the middle of the weekly range, however managed to close above previous week high, suggesting bullish momentum.

The stochastic is showing an overbought market although is still displaying a strong bullish momentum.

Expecting an upward move to a weekly resistance at 1,212 (scenario 1) on a break above the previous week high at 1,172 however a break below the previous week low at 1,147 may trigger a selloff down to a weekly support at 1,079 (scenario 2).