RUT: The Mighty 20MA

Last week we talked about the potential of the RUT moving up to the 460 area and finding some possible resistance where the downtrend line on the daily intersected with the downtrending 20MA.

Today, the smack-down happened at the open with the RUT losing 460 right out of the gate. From that point, the price never even broke the 8MA on the 15min charts -- very strong move down.

There were several points that could have held, like 450 and 430, but it seems there was some panic selling again causing the RUT to fall an amazing 56.07 points today.

With today's 11.85% slide, it will be interesting to see what happens tomorrow. Next support on the hourly chart is in the 405 range.

RUT Daily Chart: Resistance at 20MA