After opening the day higher, the Russell 2000 closed the day down more than 2% from its intraday high today. This marks the fifth time in 11 trading days this year that the index has finished the day more than 2% off of its intraday high, and the ninth time in the last eleven trading days that the small cap index has finished the day off at least 1% from its intraday high. Over those same eleven trading days, the Russell has only finished the day in the green three times. Needless to say, this kind of relentless selling pressure just kills investor sentiment.
In today’s Chart of the Day, we look at the recent intraday selling pressure in the Russell 2000 and how it relates to other periods of intense selling in the last twenty years. To say the least, the results are interesting.
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