Over at Biiwii on Monday we noted that a momentum leader to the US stock market – the Biotech sector – was abdicating leadership in favor of the momo driven Internets that everybody now seems to want a piece of.
Another off and on leader may be breaking down as well. The Russell 2000 has fallen out of a wedge (might an EW call this an ending diagonal?) and is at key support. A loss of that and it’s ‘goodnight Russell’ for a while.
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