ajtj99's Market Pulse

[ajtj99]

RUT may be testing the 50EMA at 532 on the weekly. There is a downchannel that tags 540 also this week. The candle from last week points to a test of underlying support, which would be the last weekly reversal candle that tagged 530 or so:

http://stockcharts.com/def/servlet/SC.web?c=$RUT,uu[h,a]waclyyay[pc9!c13!c20!d20,2!h.02,.20!c50!c100...

That kind of lines up with the theory of the NDX and COMP dropping slightly below the March 2004 lows prior to a reversal up into expiration.