RUSSELL 2000 INDEX - $RUT
Monthly chart continues to show weakness with no buy signal/pattern evident on this timeframe. Index remains well below all key moving averages and the down trendline in place.
Weekly chart continues to show weakness with the index below all key moving averages on this timeframe.
Daily chart continues to show weakess as the index remains below all key moving averages on this timeframe. By the end of the week, the bears have taken back all the initial gains made by the bulls earlier in the week. Price action shows a lower high in place. Look for continued weakness and a test of the November 2008 low and key LIS as highly likely. Look to see if there is short term support at the .786 fib level and the .886 fib level before lower.
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