$RUT Update for 06.28.2008

RUSSELL 2000 INDEX - $RUT

Monthly chart shows increasing selling pressure, with the bears taking back most of the gains made in the past two months.

Weekly chart shows range expansion with strong selling the past week. A lower high has been put in on this timeframe. Look for continued weakness and a re-test of the March 2008 low and then lower.

Daily chart shows bears gapping down Thursday's trading session in their hurry to exit their positions. Currently the index is trading below all its key moving averages, including the 8ema. Look for continued weakness and a re-test of the March 2008 low in the week(s) to come.