RUT: Doji Day after 730 Supports

The RUT intraday trading action was a daytraders dream today with numerous support to resistance runs with pretty good entry and exit signals. However, at the end of the day it was just a great theta burn day for the RUT as it closed down 2.63 points to 732.62

Support at 730 today was tested FOUR TIMES today with each test resulting in at least a 4 point bounce off that support. That's pretty significant as the price is really being rejected sub-730 so far. That give me a bullish bias for tomorrows action unless the news trumps it.

The RUT broke the upward trend on Monday, and it is highly likely to retest that trendline even if the short term prognosis is down. Based on the aggressive buying I saw all day today I would not be surprised at all if the RUT broke out and quickly retraced to 740 and then it may exhaust itself by moving up to 742 to test both the trendline and the 38.2% retracement. If the bulls are really game it could even go higher. The price action I saw today showed the bulls being very resilient. I'm looking forward to see what tomorrow actually brings.

The key to RUT this week is 730. If it can hold above then the bulls still have control.

RUT 20 Day 60Min Chart: