RUSSELL 2000 INDEX - $RUT
Monthly chart shows sharper pullback in place as index has now broken the up trendline in place. No buy signal/pattern yet on this timeframe.
Weekly chart shows index has broken key LIS and now old support becomes new resistance. Last week's support was found at .886 fib level. No buy signal/pattern evident on this timeframe.
Daily chart shows index trading below all key moving averages, especially the 8ema. Potential consolidation, bear flag pattern shaping up. IF this is a bear flag, THEN look for lower -- a break of the July 2006 low.
Sunday, January 13, 2008
$RUT Analysis for 01.13.2008
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