Tuesday, March 24, 2009

RUT: Pulling Back, But Still Holds Uptrend

The RUT had a mild pull back today, but is still holding on to the uptrend.

The 430 area "looks" like a solid resistance area, but we'll see how it holds if the RUT should decide to retest it again.

This latest rally has 4 micro legs up by my count so it may have enough steam to make an attempt for a 5th. After 5 straight legs up I tend to lessen the probabilities of a 6th.

A 38.2% fib pullback would put it back to 400 so that's the area I'm looking to support on the way down.

RUT Daily Chart:

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