Sunday, September 14, 2008

$RUT Update for 09.14.2008


Monthly chart shows index remains stuck in consolidation/trading range. Index remains below the down trendline in place.
Weekly chart better shows the consolidation pattern being traced out. No buy signal/pattern evident on this timeframe. Look for continuation lower as more likely than not.
Daily chart shows the bulls have managed to find some short term support, which they managed to hold on to for now. We have a possible 5 waves down from the August 2008 high. Look to Monday's price action for better clue as to which way the market wants to go.

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