Tuesday's Market Minute: Russell Rallies, But Small-Caps Still Moving Sideways?

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Equities saw a big turnaround yesterday, with bulls fighting back after an early morning rout out of the gates. But small-caps couldn’t manage to close the day in the green, with the Russell 2000 futures contract finishing down -0.37% as of yesterday’s close despite being down more than -2.2% at one point.

Intraday price action got dicey for the /RTY as it briefly gave up the 252-Day Exponential Moving Average (~2,158) and the yearly -2 Standard Deviation Channel line (~2,133) before bottoming just above 2,125, all of which could now be watched for possible support locations going forward. This whipsaw move also came on the heels of a bearish MACD crossover on Friday and a bearish Parabolic SAR crossover on Thursday, so the technical picture is somewhat darkening as volatility rises.

But bears have had little appetite below the 2,150 level during the past year. The area between there and 2,100 has been a key support zone numerous times, and once again held yesterday. If prices bounce once again, it looks like the /RTY may be continuing its nearly yearlong sideways shuffle.

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