Market Outlook RUT for Sep 28th '07

Dominant TF: none
Swings: UP-UP-DN
Market direction: neutral to mildly UP. Key 812.50 level still in place.

60mins: neutral to mildly Up. Possible congestion.
The major 812.50 resistance level is still valid but the AdStoK recovery ("V" shape pattern) is now about completed with still some upward momentum in store. RUT's behaviour around this key level is crucial to forthcoming direction (will this resistance be broken today?).

Daily: neutral to mildly UP, possible congestion.
AdStoK is still bullish but is losing steam, so is Entropy, indicating some difficulties going much higher.
Looking ahead: If 812.50 is passed, the target will be 827-829 (Fib + MM), otherwise 797 - 800 will be tested again.

Weekly: neutral to mildly UP
Entropy is showing signs of bottoming up, and AdStoK could very slowly building a "U" shape pattern, so RUT could creep slowly to 843 over the next few weeks.
There could however be some hesitation around this 812.50 key level first, so we need this level to be passed to confirm this scenario. One cannot indeed discard another scenario if 812.50 keeps holding... which is a Fib down formation with a 750 target.