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: