Market Outlook RUT for Nov 16th '07

Dominant TF: Daily, and short intraday time frames.
Swings: DN-DN-DN
Market direction: DOWN, but support may be found soon.

Same Nota Bene.... check shorter time frames which seem to indicate strong support on 765.63

60mins: down til support is tested
Significance level is still low, but MTFS and Entropy do indicate RUT going somewhat lower. For the time being, it seems the 766 support level will hold.

Daily: mildly down.
Almost the same as yesterday:MTFS is bearish until lines meet, and Entropy is very bearish although at -5.5 it is likely to bottom out soon. A Fib pattern may have completed at 767, and may be tested again (or close) to complete the pattern fully. There is no indication yet that it will go much lower for now. No chance of a recovery though.

Weekly: congestion to mildly down
At first sight it looks like we had the anticipated double top. However, one should not jump to conclusions just yet, as we may have a broad [750-875] trading range. The 750 level has indeed turned from pivot to strong support level. In addition, we have a PR2 Fib level around 740 and RUT has in the last 2 years always bounced back on PR2, so there is no reason it will behave differently this time.