RUT: A Higher Close for Wednesday

I'm not sure where the strength came from outside of the homebuilders and banks, but the RUT closed up 2.48 points higher today while the other major indices posted loses.

The RUT is now sitting at 699.91 which is 18.3% off it's July highs and 12.5% off it's December highs. The drop was very fast and very steep, so we'll see if the market can conjure up some good news and shoot some adrenaline into this needy candidate.

I keep waiting for a relief rally longer then 2 days, but it's apparent that I must continue my patient vigil. If the RUT drops below 690 then 670 may be the next support level.

RUT Daily Chart:




RUT 60 Minute Chart:
The RUT is sitting in the middle of a Fib range and it's likely with the current volatility to hit one or both of these surrounding levels on Thursday.

The 690 level should act as support, and 715 should act as resistance. A break above or below either of those levels might tip it's hand to the next short term move.