$RUA Analysis for 08.04.2007

The monthly chart for the Russell 3000 Index looks pretty much like those for the $INDU and the $SPX. IF we have a major top, THEN look for deeper retrace of the last move up from the low in October 2002. First downside tgt is the .382 fib level at 723.50ish.

The weekly chart shows price is currently at short term support of the .382 fib level.

The daily chart shows price to be below all key moving averages. We have already retraced beyond the .618 fib level of the last move up from the 795 area low. We are currently oversold on a short term basis, so there may be early buyers showing up next week. Higher timeframe charts remain more bearish than bullish. Watch for lower highs to be clue for more downside to come.