RUT Still Looking Weak

The RUT closed down about 5 points today, but more interesting to me is that the RUT is still under the 2nd upward trendline (green), and was unable to breakout above the downward trendline (dotted red line).

The RUT may put in some more sideways movement up until the Fed Announcement, but so far the charts are looking more bearish to me than bullish. The 800 area has supported the past 2 days, but they were tested intraday which means that there is still some selling going on in those areas. The RUT Closed at the Tuesday's intraday's lows, so I'll be watch carefully tomorrow to see how we close.

For the RUT I think that holding a close above 800 is critical for the bulls. An accelerated move below 800 could easily move down quickly to 785 where it may find some support.

RUT Daily Chart