RUT 6 Day Uptrend Broken

The RUT decided to participate in the jubilant gap up this morning with all the other indices, but the buyers left the RUT party after the first 15minutes and never came back.

The second 5m bar hit 800 and faded (our resistance level) and it never even attempted to go any higher than 797.50 after that second 5m candle.

If you look at the chart below you'll see that the RUT gapped up above the downtrend, but then faded all the way through the wedge to put in a close below the uptrend. This technically ends the 6 day uptrend. My new bias is sideways to down in the near term.

The RUT continues to show lots of volatility moving from strength to weakness seemingly more so then the other indices. I guess it really depends on what day it is, because they're all very out-of-sync lately.

If RUT shows weakness tomorrow, the first support area might be at 770 and then some horizontal and fib support at 760.

It's sure to be another exciting day on the RUT tomorrow.

RUT 20 Day / 15 Minute Chart