On a longer term time frame the RUT could still technically retest the 2002-2003 lows in the 350 area so that is my personal low end target for the moment. Since the SPX and DOW bounced off their 2002/2003 lows it would make sense that the RUT can ride their coattails on a rally up, but from an economic standpoint it's the small caps that are likely to take the brunt of a depressed economy so I do believe the 350 could be retested if it gets nasty again. A break of the 405 level would open the gate for a possible 350 campaign.
As we mention time and time again, the RUT seems to constantly over do things to the upside and downside, so if it starts trending hang with it until the charts tell you it's over. Note the 6 day rally at the end of October and notice how the last two days of that rally had very small bodied candles near the resistance area. These candles were screaming that the move was losing steam and was itching for a pull back. I missed that observation and missed a great short opportunity, but I'll be watching much closer on this rally.
RUT Daily Chart:
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