Key inflection points in Russell
With the Russell Cash Index making
all-time highs, it now sits on one key inflection zone that has it
roots going back to August of 2004. I am a big proponent of Fibonacci
expansions, projections, and retracements in markets that exhibit strongly
trending tendencies and the Russell 2000 Cash Index is one of those.
As of this writing, the Russell Cash Index closed at 710.99,
which rests right on top of a measured move dating from the pivot low put in on
August 13, 2004 at 515.90, then rallied strongly to 656 in the last week of 2004
for 140 points. The beginning of 2005 saw a pullback which ended in April…
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