US Stocks in Counter Trend Bounce

Russell 2000 (RUT) is an index of 2000 stocks. It can be seen as a barometer on the health of the US economy as mid-size and smaller companies are included in the index.

RUT has been declining in an impulse wave. The decline was not deep enough to count a completed wave from the all-time high.

Today, the price is rejecting the underside of the trend line that extends back 1 year ago to October 2022.

If any further rally is required, it is viewed as a corrective bounce that might reach $1776 or the 61.8% Fibonacci retracement.