Market Outlook RUT for Sep 24th '07

Dominant TF: 60mins
Swings: DN-UP-UP
Market direction: neutral to mildly UP.

60mins: neutral to mildly Down.
The major 812.50 resistance level is key to future movement. In short time frames, it has worked as new support.
AdStoK and Entropy show signs of a weakening so we could see some hovering at these levels, but it is likely that a lower support must be found. 812 may hold, otherwise 805 or 797-799 will provide a stronger foundation to go higher.

Daily: neutral to mildly UP.
AdStoK is somewhat bullish but the pattern while getting clearer is not the easiest to read. The significance level is low at this time frame, so one should maybe just not read too much into it.
One has to first wait how RUT behaves around this key 812 level.

Weekly: neutral to mildly UP
The Swing indicator has just turned UP, and Entropy shows signs of bottoming up, so RUT could creep slowly to 843 over the next few weeks. There could however be some hesitation around this key level. One should take cues from the 60mins chart in the short term.