Russell: Weekly Analysis

Russell already had its Wile E. Coyote moment recently. The road ended, the feet kept moving for a second—and now the index has finally looked down. The problem is that the floor is still nowhere in sight. At this stage, the question is no longer whether Russell can avoid stepping off the cliff. That decision appears to have been made. The question is where gravity finally finds support: a relatively modest landing, a much deeper drop toward the next major level, or something considerably uglier if the larger structure confirms. The chart now offers several possible floors. Russell just has to discover which one is real. CANDLES & TA Russell’s candle map looks increasingly desperate. The 200 DMA is gone, the 50/100 DMA bear cross has been recorded, the 8/20-week EMA is bearish, and the 50 WMA has now crossed down as well. Monday would need something on the order…