Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
The Russell 2000 is really taking it on the chin today with a bearish engulfing bar that has erased the last 5 sessions completely. While we came in to the day overbought short term it is not an easy market when you can erase a week worth’s of gains in 1 session. This has been the pattern of April – quick moves down followed by the V shapes up. Unlike the DJIA, S&P and now NASDAQ we did not see a yearly high on the small cap index.
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