The Russell 2000 is on the verge of a breakdown

<p>The Russell 2000 is poised for the lowest weekly close since November 2020. It's fallen in four straight weeks and seven of the past eight.</p><p>It's trading at 1646, which is just 0.3% above the 1641 intraday low in June 2022. The index is down 0.6% today. If that level breaks,we could be in for a world of technical hurt. The range in the Russell 2000 has been carved out for 18 months with both sides tested multiple times.</p><p>To tie it back to fundamentals, a breakdown in the index would indicate a recession along with the Fed keeping rates stubbornly high. That's certainly a plausible scenario for 2024.</p>

This article was written by Adam Button at www.forexlive.com.