Russell 2000 ... calm before the storm

Here we are tracking the highs in Russell with the market finding support above the 38.2% retracement of the current swing. This is going to resolve to the downside, any test of resistance to the topside at 1535 will attract selling interest and keep the highs capped.

To the downside, support at 1497 remains soft with steel support located at 1477. Below there unlocks the June lows at 1460. Expecting further consolidation here ahead of Fed with eventual solution to the downside.

Best of luck those in small caps ahead of an important Jackson Hole and Fed September.