The global rout in equities took its toll on US small and midcap stocks too.
“With Friday action, all indexes are now negative on the year, but with the Russell 2000 (INDEXRUSSELL:RUT) maintaining a relative performance lead at -1.7% YTD vs. the Russell Midcap (INDEXRUSSELL:RMCC) at -2.3% YTD and S&P 500 INDEX (INDEXCBOE:SPX) at -3.1%,” observe Citi analysts Scott T Chronert and Louis L Odette in their latest research note “SMID Cap ‘Rap’ – Testing the Channel.”
Russell 2000 in a rising channel
In a technical examination of the Russell 2000 (INDEXRUSSELL:RUT), the Citi analysts point out that the Russell 2000 has moved up inside a bullish channel in place since November 2012 as shown in the chart below.
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