Focus should be placed on the Russell as the index continues to trade below its 20EMA and 200MA. The Russell is testing those levels, now. In the event that the Russell cannot close above the 200MA, then, there will be continued pullback in the U.S. equity markets. As noted in our forecast, if the immediate levels do not hold, then, there will be further downside risk towards intermediate support. In the event that this occurs, it is suggested to prepare short opportunities for the upcoming week. Ideally, the short will be identified within the Russell index. Additionally, we will be looking for opportunity within the currency markets; namely the Japanese Yen, Swiss Franc and Pound Sterling.