RUT Hourly

A late afternoon gap fill on the hourly today, lots of bulls out to play.

That created a straight move up in the afternoon that will have a hard time supporting if the price decides to retrace tomorrow.

The hourly 200MA was strong support and price closed back above the 20MA on the daily. Tomorrow will be a fun one.

RUT Hourly Chart:

RUT Hourly

Expiry Friday found the RUT holding on the support of the hourly 200MA.

This will be a key area to watch on Monday to see if it can hold again.

RUT Hourly Chart:

RUT: Ho Hum

Here's a 5 year weekly chart that will put things in perspective.

Just another 350 points to go until it's back to the highs. Maybe it will make the entire climb back up without a pullback. (With nine weeks straight up without a pull back, the probabilities for a pull back start to stack up). But, no evidence of a reversal yet. It's still cranking.

RUT Weekly Chart:

RUT: Still Moving Up

The RUT put in another uber-bullish day closing up at 506.82.

Charts confirm that the short term trend is up. Until the moving averages start pointing down there's not much else to say.

RUT Daily Chart:

RUT: Hello 38.2%

Well it took 2 months, but Thursday's close got to within 45 cents of the 38.2% fib level after shooting up with nothing more then 1 and 2 day pullbacks along the way.

The price is still holding up nicely above the uptrending 8MA and is now only about 40 points away from the overhead-downtrending 200MA. This 200MA seems to be acting as a magnet now as often does.

The move is still strong as long as it continues to close above the 8MA. A break of the 8MA and then we'll have to watch the see how it reacts to the 20MA.

RUT Daily Chart: