Thursday, July 17, 2014

Morning Charts 07/17/14 RUT

RUT? Really Shanky? Yup, it got requested by Inc and another plus I needed to update/add new RUT charts to the chartbook. There is a RUT 13/34 section in the chartbook as well.

RUT Monthly - Overthrow? LOL. After the double top at the previous ATH at 856 everything has been a blur. Recent neg divs and indicator support diagonals resemble the same position SPX is in.

RUT Weekly - Did I say negative divergences and overthrow? I thought so. This is a weekly chart, which adds a ton of severity to the overbought condition. Double top and serious diving indicator support right after my indicator supports failed? Nasty! Rising wedge is running out of room as well.This sucker may have really topped.

RUT Daily - Wait just a minute, is the RUT becoming oversold near term? What was a near perfect head and shoulders at one point kinda got obliterated. Hey, at least we did not get the dreaded right shoulder ramp. Maybe that is a positive for da bears?

RUT 60m - 50% retracement and big nasty positive divergences? Wait, what? This 60m chart has not been that helpful with divergences other than that big nasty double neg div marking the top at the end of the rising black wedge. Remember what we see here is only the second of the massively neg diverging double top on the monthly and weekly chart. Near term its saying ST buy here, but don't for a second discount the LT charts.

RUT 30m - More positive divergences near term. Maybe some sort of pop is due NT, but then again do not forget that weekly and monthly chart. I'll throw fibs on going up if she pops, and I'll start looking for a normal retracement. This looks like a nice 5 wave move south. If we get an ABC that stays sub 61% we could be in for a show moving south and a top may be set.

Well, there is your RUT replay. Hope you enjoyed that.

British open starts this morning - enjoy a great championship.

More to come below.

Have a good day.

GL and GB!

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