Sunday, December 07, 2008

$RUT Update for 12.05.2008


Monthly chart shows bottoming tails into support. All three downside targets have been hit. Index remains well below all key moving averages and the down trendline in place. Perhaps the market will consolidate for a bit now. No buy signal/pattern evident on this timeframe.

Weekly chart shows the bulls managed to cling onto their gains made the week before. There is an aggressive buy signal/pattern in place on this timeframe. Look to lower timeframe charts for better sense of short term direction.

Daily chart shows the bulls managed to close right on the high of Friday's trading session. We need to look for follow through next week, and to stay above current resistance in order to have a larger upside move.

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