RUT Gets A Pull Back

Despite the recent gains in the RUT, it took another pause today and pulled back to 805.80. The RUT is now below the 200MA again, but is still well above the 30MA. Technically it makes sense to have a healthy pull back before resuming the uptrend (if it decided to continue the uptrend). The next support level on the way down should be 800 and then the 795 area where it has the 50% fib catch it. If it breaks below 795 then the next support level should be the 30MA at 787.

If the RUT turns around and moves up again on Tuesday it will have the 820 area to content with for resistance again.

RUT Daily Chart (Note the bullishness of the MACD Lines above zero)