Sunday, December 14, 2008

$RUT Update for 12.14.2008


Monthly chart shows index remains well below all the major moving averages and the down trendline in place. Bottoming tails on the last three candles indicates short term support in place. However, the bulls can't seem to get much traction to the upside despite the current support in place. No buy signal/pattern evident on this timeframe.

Weekly chart shows that last week's trading session resulted in a spinning top candle pattern, indicating indecision between the bulls and the bears. Index remains below all key moving averages. No strong buy signal/pattern evident on this timeframe.

Daily charts shows short term support in place, with the market making higher highs and higher lows. However, price action indicates consolidation/trading range pattern being traced out. Look for major resistance at the October 14, 2008 high.

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