RUT Weekly

Some interesting trading action these last two days... the outcome shows up best on the weekly charts. We have been talking about 750 as being a resistance area and even though the bulltards took it up yesterday, the reality is that it was not able to hold it above on the weekly charts.

Next week will be very important, and the key level to watch will be 750. If it can close above 750 then the bulls have a chance in the short term. A close below would signal sideways to down.

The market can counter reality for a while, but sooner or later $4.00+ gas is going to show up on the equity charts negatively.

RUT Weekly Chart: