$RUT Update for 01.26.2008

RUSSELL 2000 INDEX - $RUT

Monthly chart shows index found early support off the .382 fib level of the last move up from the October 2002 low. No buy signal/pattern yet on this timeframe.

Weekly chart shows early buying activity, but bulls were unable to close the week above the mid-point of the last red candle, as they were met with sellers.

Daily chart shows selling on Thursday and Friday, but managed to hold most of their gains from Tuesday and Wednesday. No buy signal/pattern evident on this time. Look to the coming week for better sense of direction. This index looks much more promising than $SPX, $INDU and $NDX thus far. A test of the current is likely next week.