Although the RUT was the first index to break it's downtrend on the daily, the poor little RUT just can't seem to hold above 800 and keeps getting batted down by the 200MA. Unfortunately it hasn't even been able to touch the 200MA yet. The good news is that it's holding up nicely above the 30MA.
Today's little pull back was quite tame when you look at it in context of the daily chart and it's forming an interesting cross between a wedge and an asending triangle. I'm sure there's a proper name for it, but the recent price action is consolidating so a break one way or another might produce a big move in that direction. If it breaks to the upside, there's not a lot of horizontal resistance until 810 and 820 so it could easily jump up higher if it can get through the 200MA.
The RUT historically has been a nice sideways trending index, so lets see if it can mind it's manners for the rest of the month and just chop in a range.
RUT Daily Chart
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