RUT: Say Hello to the Downtrending 20MA

The RUT followed the morning session bullishness to hit our 2nd upside target of 460, but was quickly reminded that the area had double whammy resistance with a the 61.8% fib level AND the downtrending 20MA on the daily chart.

It closed lower to form a topping tail candle on the daily, pretty bearish but since the RUT is now in chop mode anything could happen here. I continue to watch the hourly charts as those give a little better clarity in this volatility. The RUT 200MA on the hourly is dead sideways and it broke the hourly uptrend so tomorrow I'll have my bear cap on for starters.

RUT Daily Chart: