3 replies to this topic

[pisces]

RUT has broken the uptrendline on a rising wedge [bearish] going long :TZA +SRTY.  

[SemiBizz]

Good Luck...  Today's High 1208

 

Today's Forecast RUT:

 

RUT MAINTAINS 2 Ct. GAP DOWN ON STRONGER VOLUME - FALLS UNDER CONFLUENCE - Well a tough day for the RUT as it sliced through the 1208-1213 confluence to close at 1204.75 or DOWN 11 points.  Well the outlook going forward is clear, while we can expect another test of confluence from underneath, it if cannot close over 1213 again and more importantly if RUT maintains under 1208, we have a path to important pivot at 1194.  So not good overall and really RUT looks weak by comparison to other sectors of the market...

 

[Geomean]

The $RUT hourly chart printed several DeMark exhaustion signals this AM at the .382 retrace from the Brexit low and at the 1.618 extension from the 10/13 low, so I closed my TZA position and will see if a long entry sets up. While It still shows a down thrust, this is a logical place for a bounce that  could take it back up to 1210 as this first big resistance (and the threshhold for a TD Propulsion signal.(next resistance would be 1222(if it turns  ) . 

 

The IWM hourly volume is less than the low bar of 10/13 with only 50% of the volume of 10/13 so far and could be less for the day.

Edited by Geomean, 27 October 2016 - 12:04 PM.

[SemiBizz]

I think SPX is a better long right here than RUT....

 

Unless you totally believe in the month end mark up, this looks like a risky trade.

 

SPX did not have a horrible day, it was a higher high and higher low on stronger volume, even if it finished near the low of the day.

 

Having said that, I would not be long up here, any of them.