Saturday, March 21, 2009

$RUT Update for 03.21.2009


Monthly chart shows short term support holding for the time being. Index remains below all key moving averages, with no buy signal/pattern evident on this timeframe.

Weekly chart shows that while the bulls have found short term support, the upside momentum fizzled with last week's trading session, which resulted in a doji/spinning top candle pattern.

Daily chart better shows the sell off towards the end of the week and as quadruple witching draws to a close. A "blue ice failure" pattern could be setting up here, if the bulls are unable to regain upside momentum.

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