Tuesday, October 23, 2007

Market Outlook RUT for Oct 23rd '07


Dominant TF: 60 mins & Daily (15mins time frames too).
Swings: DN-DN-UP
Market direction: congestion to down initially.

Detailed chart interpretation: Strong correlation with SPY therefore market interpretation is also very similar hence no need to virtually copy/paste whole commentary (see post below: http://marketsnapshot.blogspot.com/2007/10/market-outlook-spy-for-oct-23rd-07.html )

Support level has been found around 794 for now, but 781 is probably stronger.