Study: like the NASDAQ, there is some distribution selling in the Russell too

In another study I demonstrated that the NASDAQ is experiencing some distribution selling right now.
The Russell 2000 (small caps index) is also experiencing some distribution selling right now.

An outside reversal day is when the day’s HIGH exceeds the previous day’s HIGH and the day’s LOW is below the previous day’s LOW. Yesterday was one such day for the Russell. This is also known as a “bearish engulfing candle”.
The Russell 2000 experienced a “bearish engulfing candle” and tanked -1% yesterday while it was within 2% of all-time highs.
When this happens (historically), the Russell 2000’s forward returns are mostly random.

As you can see, the NASDAQ’s reversal bar seems more bearish than the Russell’s reversal bar.
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