Market Outlook RUT for Sep 19th '07

Dominant TF: Weekly!
Swings: UP-UP-DN
Market direction: mildly up.

60mins:
The Fed rate cut helped RUT break levels happily to pass the important 800 MM level, on its way to the major 812.50 level.
AdStoK and Entopy are quite bullish and indicate that next resistance level should be tested soon.

Daily:
AdStoK is obviously more bullish but it may take some time to see the underlying trend recover and join the party. One should wait for 800 to be clearly passed and 812 to be tested first.
Should we see some profit taking, or continuation of the trading range, RUT will find support around 797, then 781 in the worst case scenario.

Weekly:
The Swing indicator has not turned around yet, and weekly bars are still yellow, indicating we are not back to bullish mode just yet. Having said that, volatility is the main cause for this hesitation, and once 800 / 812 levels are clearly broken, RUT will be heading towards previous highs and maybe up to 875.