|The Russell 2000 closed at multi-week lows on its highest weekly volume in over a year.|
View the weekly price chart here http://scharts.co/1hpXysH.
Even a casual glance at the volume trend shows the Russell 2000 has been undergoing some very serious distribution in recent weeks. For chart technicians, this index is just a few cents away from confirming a neckline break of a head & shoulders pattern.
At this moment the Russell 2000 appears to be breaking down. Should the selling pressure persist, I would expect further downside in the range of 7%-10% in the coming weeks.