RUT: Lower High Forming

A lower high is forming on the daily charts to go with the lower low the RUT put in about 4 weeks ago. From a technical standpoint it confirms that the intermediate downtrend is still very much intact.

I'll be watching the price action carefully the next few days to see how the price reacts to the 20MA near the 400 area. If it can hold above 400 then it may chop between 400 and 470 for a while. As you can see that's been a consolidation area for the last few months.

RUT Daily Chart: