Sunday, February 15, 2009

$RUT Update for 02.15.2009


Monthly chart continues to look very weak as the index remains well below all key moving averages and the down trendline in place on this timeframe.

Weekly chart shows index below all key moving averages. No buy signal/pattern evident on this timeframe. Despite the initial burst of bullish momentum the prior week, this week the bears managed to take back more than half of the gains made.

Daily chart shows the index to be stuck in a consolidation/trading range. Index remains below all key moving averages on this timeframe. Look for eventual break of this consolidation pattern as the market heads lower. Look for re-test of the November 2008 low before lower still.

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