Sunday, February 08, 2009

$RUT Update for 02.08.2009


Monthly chart shows index remains well below all key moving averages on this timeframe, as well as the down trendline in place.

Weekly chart shows November 2008 low to be holding as support for now. The bulls did finally to close the index above the 8ema once again.

Daily chart shows a buy signal/pattern in place for the short term. IF the bulls manage to gain more traction to the upside, THEN look for profit-taking at the January 2009 high.

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