Market Outlook RUT for Oct 26th '07

Dominant TF: Daily (and low intraday time frames)
Swings: UP-DN-DN
Market direction: congestion to mildly down.

Again, very strong correlation sith SPY. Volatile environment.

60mins: congestion to mildly up. pivot level at 812. Low significance level.
Lower time frames indicate still some slight upward bias to 812, 820, and possibly 828(stronger MM + Fib), but current pivot level (812) is still very much valid. MTFS is a little hesitant and Entropy is fading fast.

Daily: Congestion to down.
Contrary to lower time frames, the daily chart still points downward, and this is by far the dominant time frame. Caution must be exercised, until Fib and MM give us indication of support. Until then: trading range with a downward bias. Support on Fib and MM levels (cf chart) should hold as long as Entropy does not fall...

Weekly: mildly UP
Entropy is looking good, but MTFS indicates continuation of this situation of congestion with an upward bias.