Sunday, April 06, 2008

$RUT Update for 04.06.2008


Monthly chart shows market found support 8 months from the high made in July 2007. Trading activity for the month of March 2008 resulted in a doji candle pattern, indicating indecision between the bulls and the bears. As a note of interest, July is the 7th month of the year, and the number 7 is a Lucas number.

Weekly chart shows short term support was found 7 weeks from the short term high made in the first week of February 2008.

Daily chart shows Friday was the 13th day off the low made on March 17, 2008. Friday's price action resulted in a doji/spinning top candle pattern, indicating indecision/hesitation between the bulls and the bears. Next week's trading activity should give better indication of longer term direction.

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