Sunday, June 22, 2008

$RUT Update for 06.22.2008


Monthly chart shows selling pressure as the bears managed to take back about half the gains made by the bulls the month before.

Weekly chart better shows the selling that has been evident the last three weeks.

Daily chart shows the index below the 200sma, 34ema, and the 8sma. The index has also broken the up trendline that is in place. The bears gapped down the open of Friday's trading session in their haste to exit their positions. This index, along with the $NDX, appears to be a big stronger than both the $SPX and the $INDU. IF both the $SPX and the $INDU continue to show weakness and selling, THEN it is likely that we shall see further weakness in both the $NDX and the $RUT going forward.

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