Sunday, September 28, 2008

$RUT Update for 09.28.2008


Monthly chart shows consolidation pattern evident since March 2008. Trading activity for the month of September 2008 so far has all but erased the gains made the month before. Index remains below the down trendline in place, and also below both the 34ema and the 8ema.

Weekly chart better shows the consolidation pattern in place. There is a sell signal/pattern in place on this timeframe. IF this consolidation pattern plays out, THEN we should see a lower low as a result.

Daily chart shows aggressive buying on Thursday and Friday, and yet the bulls just can't seem to get any traction. Look to next week's trading activity for better idea as to longer term direction.

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