Saturday, December 15, 2007

$RUA Update for 12.15.2007

$RUA - Russell Index

Monthly chart shows index falling back through prior high and key LIS. Uptrend remains intact for now, but with further weakness, look for this to be broken and a deeper retracement of the last move up.

Weekly chart shows a lower high in place. Increased selling pressure evident this past week. head and shoulders pattern in place. Look for break of neckline to confirm larger move down.

Daily chart shows increasing selling pressure on Friday. Index trading below all key moving averages. Look for further weakness and continuation lower next week.

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