$RUT Update for 10.04.2009

RUSSELL 2000 INDEX - $RUT

Monthly chart shows backend resistance at prior high of 614 area holding as resistance once again. Coincidentally, this is also right at the 34ema and the 89sma levels.

Weekly chart shows the current high was made with regular divergence on the cci Momentum indicator. Look for possible deeper retracement off this current resistance high.

Daily chart shows sell signal in place on this timeframe with a lower high put in on September 29, 2009.

$RUT Update for 05.17.2009

RUSSELL 2000 INDEX - $RUT

Monthly chart shows the market found resistance right off the 8ema, as the bulls were unable to close above this level. Index remains below all key moving averages on this timeframe.

Weekly chart shows the bulls found resistance right against the 34ema on this timeframe. The bears have managed to take back most of the gains made in the prior two weeks. The market found short term support right off the 8ema. Major trader sentiment has changed, and we should see continued weakness into next couple of weeks. IN we see continued weakness, THEN look for retracement of the entire move up off the March 2009 low.

Daily chart shows the bears have managed to take the index back below the 8ema and the down trendline in place. The bulls managed to find short term support off the 34ema, but with continued weakness, look for this to break as the market retraces the entire move up off the March 2009 low.

$RUT Update for 04.10.2009

Monthly chart shows bulls aggressively stepping back into the market after the market found support off the March 2009 low.

Weekly chart shows the bulls continue to gather momentum as they managed to close the index above the 8ema.

Daily chart shows the bulls gapped up the open on Thursday's trading session open in their haste to enter their positions. The last move up into the new high was made with regular divergence on the CCI momentum indicator. Look for signs of weakness and profit-taking next week.

$RUT Update for 03.29.2009

RUSSELL 2000 INDEX - $RUT

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.

$RUT Update for 03.21.2009

RUSSELL 2000 INDEX - $RUT

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.

$RUT Update for 03.15.2009

RUSSELL 2000 INDEX - $RUT

Monthly chart shows that thus far, the price action for the month of March 2009 is producing a bottoming tail. Look to the lower timeframe charts to looking for long entries.

Weekly chart shows that this week's trading session resulted in a bullish engulfing candle pattern. The lower low in place was made with regular divergence on the CCI momentum indicator. The aggressive bulls managed to close the week near its high and well above the prior key LIS of November 2008 (old support did not become new resistance).

Daily chart shows that last week's doji gave a heads up as to possible change in trader sentiment. Price action also traced out a bullish butterfly pattern, which also gave a clue as to possible change in trader sentiment. First resistance level is at the .382 fib area of the last move down from the January 2009 high. Look for a retracement and a higher low to enter swing long.

$RUT Update for 03.06.2009

RUSSELL 2000 INDEX - $RUT

Monthly chart shows continued bearish with the index well below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.

Weekly chart remains extremely bearish with the index trading well below all its key moving averages on this timeframe. The bears managed to take the index down to a lower low, and now November 2008 low becomes a key LIS where old support becomes new resistance.

Daily chart remains bearish with the index trading well below all its key moving averages. The bears managed take the index below the key LIS and November 2008 low, but Friday's trading session resulted in a doji candle pattern, indicating indecision between the bulls and the bears. Price action traced out a potential bullish butterfly pattern. Look to next week's early trading session to see whether this pattern will play itself out or not.

$RUT Update for 02.28.2009

RUSSELL 2000 INDEX - $RUT

Monthly chart shows continued weakness with index well below all key moving averages on this timeframe. This downside move has hit all three of my initial downside targets. With continued bearishness, the next downside target is the key LIS and November 2002 low of 325 area and after that, the .786 fib level of 276.75 area. No buy signal/pattern evident on this timeframe.

Weekly chart shows increasing bearishness with index well below all key moving averages on this timeframe. No buy signal/pattern evident on this timeframe.

Daily chart shows continued weakness with bulls finding short term support off the .886 fib level. No buy signal/pattern evident on this timeframe.

$RUT Update for 02.21.2009

RUSSELL 2000 INDEX - $RUT

Monthly chart remains bearish with no buy signal/pattern evident on this timeframe.

Weekly chart shows continued weakness and increasing downside momentum. No buy signal/pattern evident on this timeframe.

Daily chart shows short term support was found during Friday's trading session to be right at the .786 fib level. This support creates a potential bullish gartley butterfly pattern. IF there is indeed short term support off this level, THEN look for aggressive buying to take the index back up to the .618 to .786 fib upside targets.

$RUT Update for 02.15.2009

RUSSELL 2000 INDEX - $RUT

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.

$RUT Update for 02.08.2009

RUSSELL 2000 INDEX - $RUT

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.

$RUT Update for 01.31.2009

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.

$RUT Update for 01.25.2009

RUSSELL 2000 INDEX - $RUT

Monthly chart remains weak with no buy signal/pattern evident on this timeframe.

Weekly chart remains weak with no buy signal/pattern evident on this timeframe.

Daily chart shows the index remains stuck in a trading range since the low of November 21, 2008. Look to next week's trading session to see if the bulls want to make a run to re-test the January 6, 2009 high.

$RUT Update for 01.11.2009

RUSSELL 2000 INDEX - $RUT

Monthly chart shows market remains well below all its key moving averages. No buy signal/pattern evident on this timeframe.

Weekly chart shows the bears managed to get the upper hand with last week's trading session. Look for continued weakness and a re-test of the November 2008 low.

Daily chart shows the bears came out in force on Friday, and managed to take the market down below its 8ema. IF we have 5 waves up into last week's resistance high, THEN look for a retracement of the whole move up off the November 2008 low. First downside target is the .618 fib retracement level.

RUSSELL 2000 INDEX - $RUT

Monthly chart shows aggressive bulls managed to step back into the market in December. However, the index remains well below all of its key moving averages on this timeframe.

Weekly chart shows the bulls managed to close the index well above its 8ema.

Daily chart shows the bulls have managed to take the index back above the 8ema, 34ema and the 50sma on this timeframe. There is a possible 5 waves up. IF we have 5 waves up, THEN look for an abc 3 wave retracement of the whole move up.

$RUT Update for 12.27.2008

RUSSELL 2000 INDEX - $RUT

Monthly chart shows no buy signal/pattern evident on this timeframe.

Weekly chart shows small inside bar, with no conviction either way.

Daily chart shows the bulls managed to hold onto short term support. Look to next week's trading session for evidence of traction and continued upside momentum.

$RUT Update for 12.21.2008

RUSSELL 2000 INDEX - $RUT

Monthly chart shows aggressive bulls managing to hold onto support for now. No buy signal/pattern evident on this timeframe.

Weekly chart shows aggressive bulls managed to hold their ground last week, closing last week's trading session higher than its open.

Daily chart shows the aggressive bulls managed to grind their way higher. Look for sharper pullback to occur before looking for buy signal/pattern on this timeframe.