Sunday, July 13, 2008

$RUT Update for 07.13.2008


Monthly chart shows index below all key moving averages. No buy pattern evident on this timeframe.

Weekly chart shows that as the market approached the January and March 2008 lows, there were early buyers willing to step back into the market. This is the only index that closed higher than it opened for the week.

Daily chart shows the index stuck in consolidation, and possibly a wave 4 pattern. Both Thursday and Friday saw early buyers stepping back into the market. Will there be more buyers showing up early next week, or will there be more sellers showing up as the market heads towards last week's high of 684.29?

No comments: