Market Outlook RUT for Sep 20th '07

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

60mins:
RUT passed the major 812.50 level, yet it is not quite broken yet. The 820 was a Fib level in a lower time frame.
AdStoK indicates a pause on the way up and Entropy has peaked while remaining strong.
The 812.50 level must be tested for support.
At this stage, there is no reason for RUT to go lower.

Daily:
AdStoK is obviously bullish but the line separation may indicate some volatility at these new levels. RUT may well reach 827 after some support is found.
Should we see some profit taking, RUT will find support around 800.

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.
Shorter time frames should take the lead soon, but RUT could creep slowly to 843 over the next few weeks.