A “Triangolo” for Russell 2000 (RUT)

Posted by barkand on November 8, 2011 under Classic chart patterns | Be the First to Comment

Just a short note today about the Russell 2000 (RUT).

The Russell was one of the last major indexes to break out of the trading range of the past several months. But it has been catching up, outperforming the S&P 500 since the end of September.

RUT has formed a symmetrical triangle beginning with the lows from the latest congestion area and the high formed a week later. It seems set to break through the triangle in an upward direction today, if the futures prices are any guide. Of course, alot depends on what happens in Rome. So maybe it is more appropriate to refer to this chart pattern as a “triangolo”.