RUT Hourly: Heading Toward Congestion

The RUT had a little relief bounce that you can see on the hourly chart. The price at 441 now is heading up into some technical congestion with the downtrending 20MA, the downtrend line on the daily chart and the horizontal price resistance in the 450 area.

The upward trendline on the hourly held very well in the afternoon session today, we'll see how it holds up tomorrow or if it even gets tested. The hourly put in a higher low and closed at the last minute with a higher high so there is a slight bullish bias based on this chart.

Because of the congestion, tomorrow may be another choppy day.

Wednesday Targets on Hourly Chart:
Upside: 20MA at 445.88 and 450 where downward trendline intersects horizontal resistance.

If the RUT should breakout strong tomorrow and clear 450 it may have a clear shot back up to last Friday's 470 high at which point it will hit the downtrending 200MA and likely resist.

RUT Hourly Chart: