RUT: More Mixed Signals

The RUT continues to put in higher highs and higher lows on the daily charts AND it successfully retested and bounce hard off the 20MA today creating a bottoming tail. In a bullish market this would be great and I'd be pretty bullish, but there are bearish factors that take some of the stream out of this move...

1) Short term uptrend was broken and price is still below it
2) Today's bar closed below Friday's lows (Friday was a topping tail candle)
3) Resisting at 490
4) Today's selling down to 460 showed that there are sellers out there
5) This relief bounce has had 3 legs up so far and may be weakening
5) We are still in an intermediate bear market and path of least resistance is now down

With all that said my bias still cautiously bullish with today's close, but I also see 440 as a likely target if it falls apart tomorrow.

RUT Daily Chart: