Thursday, January 03, 2008

Market Outlook RUT for Jan 3rd '08


Dominant TF: 60mins & Daily
Swings: UP-DN-DN (from DN-DN-DN)
Cycles: possible yet still unconvincing upturn
Market Direction: probably lower at first - 750 is key level
Position: bears may want to look at an exit point

If not currently in the market, it would be cautious to stay a little longer on the sideline.

(sorry again for delayed posting...)

60mins: lower, but possible congestion
Definite lower bias, but 750 is a strong level which be fought.
Caution must be exercised with this late up swing, even if this is a very early indicator.

Daily: same volatile environment.
MTFS now points lower yet since lines crossed end November RUT has followed a 'wavy' move upward, and could bounce this time again, within the same difficult, volatile environment.

Weekly: lower bias
Not looking good, but MTFS green line is holding fairly high so one can anticipate 750 to hold for now.