RUT: Still Weak

The RUT got wacked again today on it's way down to our 645 target that we talked about last week. It hit an intraday low of 651.92. just 7 points from hitting it.

There was a wild afternoon rally but it didn't hold and the RUT closed down 1.13% at $758.26. Tomorrow will be fun one. Any hint of panic may put the indices capitulation mode and we could start to see the spikes in the VIX, RVX and VXN.

It's important to note that the ER (e-mini future on the RUT) got that rally bounce after briefly touching the S2 pivot level at 650. It then made a mad dash all the way to 665 before falling apart again.

RUT Weekly Chart (first downside target $645)