Market Outlook RUT for Oct 9th '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: Up, but pivot level then July highs must be tested.
RUT calmed down on the 843 pivot level, so we now have a reprieve on that level with the AdStoK showing a bit of weakness and Entropy falling. Yet the significance level is low, so one may just see some congestion but no serious retracement in the short term. On the contrary, RUT may try and test the pivot level and possibly July highs later on.

Daily: 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 at least a few days before it reaches overbought level and some slowing down. The white line may however retrace and provide some relief in the meantime.

Weekly: UP
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.