Market Outlook RUT for Oct 10th '07

Dominant TF: Weekly and Daily
Swings: UP-UP-UP
Market direction: Up until...

Note that SPY is the leading symbol in our selection of 3 indices.

60mins: neutral to mildly up.
Despite the positive reaction to the news, one can see that RUT still hovers on the 843 pivot level (range 838-845). The pivot level has also turned to resistance level indicating more difficulty going higher. One will also note that yesterday's up day did not affect Entropy which is very low.

Daily: Mildly UP.
AdStoK is still bullish and should carry on its bumpy ride to higher levels. The white line is now seriously overbought, so a minor retracement is possible without affecting the overall trend... until lines join...
Current resistance level at 843 is fairly strong then 860 and ultimately 875.
AdStoK's green line grows at a rate of 5% per day at the moment, so it could take a couple of days before they cross and possibly see some slowing down (line gradient upon crossing should provide interesting information then).

Weekly: UP until...
Entropy and AdStoK now show more clearly the way up to 851, 860 then maybe 875 over the next couple of weeks. The Swing indicator is up, but remains close to a key turning point.