Dominant TF: 60mins & Daily.
Swings: DN-DN-UP
Market direction: DOWN
60mins: DOWN.
What an interesting day... RUT was not indied anticipated to go higher, but i thought the trading range would hold. 781 was a possible target if 791 had to break, but 775 seems to now indicate a lower support still. MTFS is bearish, but Entropy is only just picking up steam...
Daily: DOWN.
Yesterday's close below 781 may indicate RUT going lower, to much lower. A return to 750 is possible, with a first target around 767. One could possibly have a reprieve if RUT closes above 781 today, but MTFS and Entropy are quite bearish so it is unlikely.
Weekly: congestion to mildly down
Entropy and MTFS indicate continuation of this situation of congestion with a 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.Same as SPY, divergence and a double top are to watched carefully now. The MTFS shape is not of a double top, so a broad trading range (roughly [750-875] is a more likely scenario for the time being.
