Update - Get ready 3:05. if SPX gets thru 1160 it may get somewhere.
Let's give this a try. first of all you have to throw the bullish reversals on the daily indicators out the window. Let's focus on trendlines and resistance levels.
RUT Daily - Red line is the bear market upper resistance line. White line at 750 is in a resistance area from October of '08. Sky blue lines are the P2 wedge narrowing. Green wedge is the last move up (what I an calling the sucker's rally) off the February lows. Yellow resistance line is the top trend/resistance line set from the top for this fall. All gray rectangles are gaps. Now transfer this to the chart below.
RUT 60m - Price is tagging the intersection of the yellow upper resistance line at the P2 upper resistance line intersection near the apex point of the wedge for the run from the February lows at 719 resistance point. (That was a mouthful). You all know I hate the 60m indicators as they have proven they can embed for months on end, but this time I'm leaning to favor them over the dailys. All of these points coming together should indicate really good potential for a reversal point. Now, you all know that sounds silly as the low volume ramp jobs are the only thing you can trust these days, but if they should slip and some selling pressure comes, technically this would normally be a good point. Always use stops, have a plan for each trade and do not trust the markets as they are rigged in the bulls favor. GL!
