Sunday, March 29, 2009

$RUT Update for 03.29.2009


Monthly chart shows short term support is in for now.

Weekly chart shows the bulls continued with their aggressive buying.

Daily chart shows that aggressive sellers gapped down the market at the open of Friday's trading session in their hurry to exit their positions. Is this profit-taking or renewed selling? Look to next week's trading activity to get better clues. Market looks a little toppy in this area, and if we get a deeper pullback, THEN only go long if there is a three wave pattern evident, and a higher low made. There is a possibility that the index is stuck in a wave 4 consolidation pattern, so next week's trading session is key.

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