Dominant TF: 60mins & Daily.
Swings: UP-DN-UP
Market direction: congestion to mildly down. Bounce up at first.
60mins: Up, but check levels carefully.
Same as SPY, the 60mins chart having a 2 to 5 bars visibility like any other chart, we could not anticipate the afternoon bounce, even the support level was clearly identified. MTFS is not in its best shape, so there is no reason to believe it will go much higher. PR2 at 812.5 seems pretty strong right now.
Daily: Congestion to down. Support level on 791 is so far holding.
Despite yesterday's bounce, the picture is still bearish.We seem to have a Fib pattern forming, and 791 may not hold very long as MTFS and Entropy look more and more bearish now. One could therefore see RUT going lower to 781 (Fib + MM level).
Weekly: congestion to mildly down
Entropy and MTFS indicate continuation of this situation of congestion with a slight downward bias. We can note that we are again very close to a key level at this time frame with the Swing indicator oscillating frequently.
