Russell 2000 Analysis for April 25, 2007
Path of least resistance: Up. The trend is up and the IWM is very close to new highs.
Major Price Points: $82.50 ($82.64) is new high territory on the IWM. This is resistance and a move over this with volume is a breakout. $81.50-$81.70 is the area of trendline support. A break below this shows some weakness.
Minor Price Points: None.
Worth noting: The QQQQ, DIA and SPY are all trading over their February highs, while the IWM is not. The IWM is lagging and is the weaker of the indices.
General Sentiment: The market bounced off of support with volume, showing some strength.
