Update on RUT: Dec 29, 2015

RUT has been under pressure ever since June, shedding 16.8% to tag our downside target of 1078 on Sep 29.  While SPX’s Sep 29 lows were higher than its Aug 24 lows, RUT made new lows.  It was a more complete looking correction.  But, the subsequent bounce has been less than impressive.

When it broke out of its falling channel to complete an Inverted Head & Shoulders Pattern in late November, it had a chance to redeem itself.  It was the perfect opportunity: a low volume weekend with USDJPY on the rise. 2015-12-29 RUT IHS 0400Instead, it gave up 8% over the next two weeks.  What happened?  More importantly, can it recover?

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