US Small Caps 2000 index trades sideways

Source: Dukascopy Bank SA


The US Small Caps 2000 index, which captures 2000 small market capitalization companies of the US, has been going nowhere throughout 2021. Namely, with one exception, the index has been trading sideways between a support range at 2,085.00/2,135.00 and resistance at 2,320.00/2,370.00. The exception was the November surge to the 2,461.80 level.

Most recently the index bounced off the resistance of the 50-day simple moving average near 2,300.00 and declined. On January 11, the index had reached the support zone at 2,085.00/2,135.00.

If the small cap stocks pass the support zone at 2,085.00/2,135.00, the index might look for support in the 2021 late January low level at 2,033.50, before aiming at the support of the absolute 2021 low level at 1,938.80.

Meanwhile, a recovery of the stock index would have to pass the 50 and 200-day simple moving averages at 2,260.00 and 2,275.00. Afterwards, the high level zone at 2,320.00/2,370.00 might stop a surge. Higher above, note the 2021 absolute high level at 2,461.80.
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