Market Outlook RUT for Oct 30th '07

Dominant TF: Daily (and low intraday time frames)
Swings: UP-DN-UP
Market direction: congestion to mildly down.
Again, very strong correlation sith SPY. Volatile environment. No real change from yesterday.

60mins: congestion to mildly up.
The high volatility environment makes it sometimes difficult to gauge the amplitude of movements if direction and targets are analysed correctly. As anticipated, RUT is aiming at 828 (stronger MM + Fib), now that 812 is passed. MTFS and Entropy are looking good, yet this pattern is not indicative of a strong bull move.

Daily: Congestion - trading range.
Contrary to lower time frames, the daily chart still points downward, and this is by far the dominant time frame. Caution must be exercised as we seem to have confirmation of a support. Until a new pattern forms clearly, we can assume a trading range [797-828] within a larger one [781-855].

Weekly: congestion to mildly UP
Entropy is looking good, but MTFS indicates continuation of this situation of congestion with a very slight upward bias.We can note that we are again very close to a key level at this time frame with the Swing indicator oscillating frequently.