Small-Caps Look Toppy
Small-cap stocks are sending a signal of caution. The Russell 2000 index of small-cap stocks appears to be forming a double top. As far as technical indicators go, a double top is one of the more reliable chart patterns. The key resistance level to watch for the Russell is 1100. A break below 1100 could lead to further losses. A breakdown in small-caps is also a signal of a narrowing market. When fewer stocks are driving gains in the major indices, it is often a sign that the market is due for a rest.
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