Russell 2000: Same range, different result

Wednesday looked a lot like Tuesday, at least in terms of the trading range in the Russell 2000 (NYSE:IWM). The only difference was a soft close on Wednesday, with small caps dipping 3.16, or 0.45%, to 702.11. Despite the sleepy action Wednesday, daily charts show some interesting patterns, which puts a little more edge on Thursday’s action.

Look for support at 696, then at 685 and 680. Meanwhile, resistance comes in at 706, 717 and 724. The calendar is fairly quiet Thursday, with Weekly Claims data at 8:30 a.m. ET, and a few speeches by Federal Reserve officials during the session.

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