Russell 2000 Analysis for April 30, 2007
Path of least resistance: Up. The trend is up and the IWM is at new highs.
Major Price Points: $82-$82.25 is support of a 2-month trendline. A break below this shows weakness. IWM bounced off of this on Friday again. So far this line has been an excellent place to go long.
Minor Price Points: Trading over $83 with volume would be a breakout.
Worth noting: The Russell 2000 is still lagging the other indices.
General Sentiment: The market is on fire.
