Russell 2000 futures edge up

The Russell 2000 (NYSE: IWM) futures have moved up and the small-cap index will likely open higher.

Stocks are set for a modest rebound following a decline on Friday due to news of a disappointing February jobs report. With no major news on the economic calendar today, investors will be focusing their attention elsewhere.

The Russell 2000 was able to fight off the sloppy employment report and held just above the previous January lows on Friday, closing down 2.66, or 0.40% at 660.11. Still, it marked the lowest close on weekly charts since October 2005, and sets up that 650 area as vital support into this week’s action.

The Wholesale Trade data this morning at 10:00 a.m. ET is usually a yawner for traders, and shouldn’t be of much concern for stocks. In fact, the outside risk from economic reports won’t really kick into high gear until we get to Thursday’s Retail Sales release. Look for resistance on a bounce this morning at 666, 674 and 680. Meanwhile, support is at 654 and then at 650. A breach of the latter opens the door to a support vacuum as the market would be at long-term lows.

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