 Hello and welcome to the CMC Markets chart of the week video with myself market analyst David Madden Today's date is Wednesday at the 11th of October and the time has just gone half past 1 p.m And the chart of the week this week is going to be the Russell 2000 Or as we call it our platform the US small cap 2000 and taking a look at the chart here The big picture tells us that the market has been very bullish It's been a clear upward trend since the lows that were created in August and only a few days ago on Monday The 9th of October the Russell 2000 managed to print a record all-time high and the price was 1516 But looking at on a near-term basis We can see that since since October the market has been largely Trading sideways you see a lot of consolidation in around this area here And if you turn your attention to the MACD indicator below We can see that on Monday the 9th of October when the all-time high was achieved It was achieved a noticeably lower positive momentum. So even though the market is still holding up We are seeing positive momentum slide We are seeing a positive momentum slide, which could be an early warning sign That the buyers are running out of steam now What does all this mean? If you're already long the essence at the Russell 2000 It could be an early an early warning sign or early alert that we could see a bit of a correction in place I like our alternative if you're looking to get long the the Russell 2000 You could potentially wait for a pullback and and this potential pullback may provide some buying opportunities If the market does turn lower, we could find support in around 1501 1490 and then we could even see a pullback to this Trendline support from the August lows and I'll be in around the 1480 or 1475 region Notice how we really haven't had a pullback or a correction in the last few months So we are sort of overdue one But the big picture for the Russell 2000 is still positive So should we resume the upward trend that has been in a firm number of months now the first level to watch Offword of the upside will be the all-time high of 1516 and then beyond that terms of looking keep looking out for big numbers Such as 1520 1530 and so on it is worth pointing out that if you are trading the Russell 2000 Please keep an eye out for the better reserve minutes which are chewed out tonight at 7 p.m. London time Thank you for tuning in and please tune in next week. Thank you