Russell 2000 Looking Weak. 9:11 AM CST 7/6

(Chart 1 - Russell 2k Day Chart)

SNP still looks pretty good

Nasdaq certainly doesn't look weak

Russell 2k is generally a leading indicator, so it is no surprise that if weakness shows itself, it would show first in the Rus.

Since the high at the beginning of May, we have been making lower highs and lower lows.

This most recent run up has been pretty epic and strong.

However, we are still lower than the last peak.

Halfway through today, there is a nice bearish engulfing candle forming.

It happens to be forming off of 84.20, the bottom of the trading range, and a line of great resistance.

We also have the beginning of some hidden MACD divergence (white sloping lines)

If this keeps up, I think this could be a decent sell with a 78.20 target