Saturday, July 26, 2008

$RUT Update for 07.26.2008


Monthly chart shows this index to be stronger than both the $INDU and the $SPX. However, possible that the index is stuck in a large consolidation/trading range. Look to lower timeframe charts for better sense of direction.

Weekly chart shows the aggressive buying by the early bulls, who came out i force upon a test of the March 2008 low. Resistance is currently at the June 2008 high.

Daily chart shows that the first upside target at the .618 fib has been hit this week, where profit-taking took place. So far, index remains stuck in a consolidation/trading range. Look to next week to see if consolidation is complete or not.

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