Thursday, November 16th, 2017

RUT Charts and trade

RUT has been hovering around 600 strike for sometimes. It pulls back and than tries, yet it does not backs off completely. It seems to be having a hurdle here crossing over 600 and going over the down ward trend line drawn from October 2007 highs. The index has closed above 50 day moving average several times yet it manages to slip down quite easily on slight provocations. This see- saw behavior has been seen when there is lot of indecision in the market place.

The general stock market has carved a grooved channel since  November 14 and still moving sideways again showing lots of equilibrium between buyers and sellers. $SPY has been noticeably healthy after this long run up since March 2009. A rectangle consolidation pattern has been formed which usually resolves in the direction of the trend , which in this case is up. It remains to be seen how this goes down and no one knows that. The percentages of these patterns resolving to the upsides are quite high about 39% according to Thomas Bulkowski’s book  Chart patterns. Here is our full trade on RUT

RUT YTD chart

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