Monday, April 18, 2016

RUT Russell 2000 Small Caps Index Daily Chart Battle to Retake 200-Day MA

The RUT is at an important pivot as this message is typed. Price and the 200-day MA are each at 1131.50-ish. The Russell will either bounce or die from here and take the entire broad market with it. Note how price has used the 20-day MA a support on the way up and is now trying to regain the 200-day MA not seen since last August. The other three major indexes, SPX (S&P 500), INDU (Dow Jones Industrials) and COMPQ (Nasdaq Composite), are all above their respective 200-day's so it is a very big deal as to whether the small caps join the upside party, or not. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note Added 10:19 AM EST: The RUT is at 1132.57 moving higher and poking a stick int he bear's eye. This battle should continue. Watch it closely over the next couple days.

Note Added 11:14 AM EST:  Bulls are running with lower volatility and higher copper. Softer oil prices are ignored. The RUT is at 1134.40 and the HOD is above 1135; price popped after regaining the 200-day. The SPX is testing the strong 2089 resistance right now so that is worth watching (see previous SPX S/R missive); the 2093-2094 R is next if price pokes up through 2089. The SPX prints a new high for the year.

Note Added 2:28 PM EST: The RUT is at the high of the day above 1138.  The bulls are punching the bears in the face. The SPX pokes up through 2089 so 2093-2094 is targeted and the high is 2093 thus far. Price will seek 2099 if the 2093-2094 resistance gives way.

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