Sunday, January 11, 2009

$RUT Update for 01.11.2009


Monthly chart shows market remains well below all its key moving averages. No buy signal/pattern evident on this timeframe.

Weekly chart shows the bears managed to get the upper hand with last week's trading session. Look for continued weakness and a re-test of the November 2008 low.

Daily chart shows the bears came out in force on Friday, and managed to take the market down below its 8ema. IF we have 5 waves up into last week's resistance high, THEN look for a retracement of the whole move up off the November 2008 low. First downside target is the .618 fib retracement level.

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