Saturday, March 01, 2008

$RUT Update for 03.01.2008


Monthly chart shows increasing weakness as the index closed below the 8ema and the 34ema. No buy signal/pattern evident on this timeframe. Look for continued weakness and a break of the current low. The minimum target for the down move is the .618 fib level of 528.87.

Weekly chart shows the index was in consolidation for the month of February 2008. Look for the support to break as the index begins the next leg down.

Daily chart shows increasing selling pressure on Friday as the bears gapped down the open and traded lower all day. Look for continued weakness and an eventual break of the current low and support of 650.61 level.

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