RUT Gets Excited

The RUT has made a mad dash to resent resistance levels and hasn't spent any time at those levels -- it just continues to move up unencumbered by the the 770 and 780 resistance. Next stop 800?

The current 5 day uptrend has shot up at an 83% angle which historically has been unsustainable. I'll be looking for a retest of 800, but the probabilities and recent chart action points to a potentially large pull back in this area. I'll wait to see what the price does this week and trade the charts.

Important to note that the RUT has only spent one day above 800 in the last 7 weeks. For the RUT to clear and hold 800 without a pull back seems like a low probability, but it could happen and really surprise the bears, we'll see.

RUT Daily Chart