Today’s Chart of the Day was shared by Shane Murphy (@MurphyCharts). It's a daily candlestick chart of the Russell 2000 over the past four years. The Russell 2000 dropped 4.21% today, closing at its lowest level since November 2020. At this point, it's down more than 27% from its all-time high. Shane points out that it's approaching a major support level around 1750-1700. This level acted as resistance for two years between 2018 and 2020, so you'd expect it to offer some support here. The index is in a bear market no matter how you define it, but this would be a logical level to see at least a short-term low. If it fails to hold, that would be a major red flag.
Chart of the Day - Monday, May 9th, 2022
May 9, 2022
