Market Outlook RUT for Sep 18th '07

Dominant TF: 60mins
Swings: DN-DN-DN
Market direction: Mildly Down.

60mins:
The recovery stopped close to Fib PR2 (61.8%) at 787 and settled just above MM pivot at 781, after hovering within a fairly tight range for a few days. AdStoK is neutral to bearish, and Entropy also mildly negative.
After the Fed announcement today, it can certainly go both ways, but there is a neutral to negative bias ahead of the news.
Return to 773 then 766 is possible.

Daily:
AdStoK gives us some indication of a slight negative bias, but nothing clear really, which is understandable in this trading range ahead of a much anticipated news. Entropy is however down and negative. The market is driven by levels right now, and thus will probably move to the next fractal level upon the Fed announcement.
Possible range: 765 to 800, then 812.5 on the up side, 750 on the down side. 750 and 812 are KEY LEVELS in both directions.

Weekly:
Ahead of the Fed on Monday, there is some minor downward bias, but it could just as well be a return to the bullish trend after a bounce on the 750 support level.