 Hello and welcome to the chart of the week video with me Dave Mann. Today's date is Wednesday the 4th of July 2018 At the time has just gone 11 of 55 for the summer time This week's chart of the week is the Russell 2000 or as we call it on a platform the US small cap 2000 Take a look at the price action Since the start of the year we can see after a very a sizable sell-off in January and February of this year The Russell 2000 has managed to recoup all of its earlier all its earlier losses And she cannot to press on to hit fresh record highs in May and June this year It was only at the back end of June to get the Russell 2000 that she wanted to hit a fresh record high The Russell 2000 as very clearly outperformed the Dow Jones and the S&P 500 Both of those indices are still nowhere near getting back to the highs of 2018 Let alone printing fresh highs for the year so far So the Russell 2000 has been the clear up a former of the here stand up a former of those of those three indices Taking a look at the price action in recent weeks We have drifted lower and it managed the market as managed you find some support at this blue line here the 50 moving average and it appears that we're actually to be being edgy higher again in recent sessions Taking a look at the MACD indicator of the MACD histogram. We can see as the market was drifting lower here We saw a steady increase in negative momentum But a recent sessions as the markets been pushing higher again, we're seeing a decline in negative momentum So as the markets pushing higher the the setting pressure is waning So we could see this upward move up continue on from here And if you do continue on from here, we could be looking at targeting 1700 or if you go beyond that We could be looking at targeting the recent all-time high of 1715 Move to the downside may find some support at the 50 moving average this blue line here Which comes to the play at 16 34 and if you go below that we could be looking at the heading back down towards the late May low of 16 or 7 or perhaps even down to this area here at the mid April high of 1591 And if you move further south of there We could be looking at back down towards this red line here Which is the turning moving average which comes into play at 15 58 now if you are the truck to trade the rest of 2000 Just be mindful that trade Trade tensions are still on are still ongoing and the next few days We do have some important economic information on the United States on Thursday The we have the business from the latest kind of reserve meeting and on Friday We have the latest u.s. Non-farm panels job support. That's all for me this week. Thank you very much