Market Outlook RUT for Sep 26th '07

Dominant TF: 60mins & weekly to an extent
Swings: DN-UP-DN
Market direction: neutral to mildly UP. Key 812 level still in place.

60mins: neutral to mildly Up
The major 812.50 resistance level has held, and Stronger support has been found as anticipated (MM+Fib), and we can now see a recovery coming ("U" shape pattern), at least until 812.50 is tested again. Possible pause half-way at 805.

Daily: neutral to mildly UP, possible congestion.
AdStoK is somewhat bullish but also bumpy or wavy, indicating some difficulties going much higher.
The significance level is lower on 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 (head & shoulder?). If 812 is passed, the target will be 827-829 (Fib + MM).

Weekly: neutral to mildly UP
The Swing indicator which had just turned UP is DN again, but 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 812 key level first, so we need this level to be passed to confirm this scenario. Also note that this time frame's significance level is pretty high now.