In our last update on RUT [see: Dec 8 2016 Update on RUT], we noted that RUT had almost reached a potentially important turning point.
If it follows the same general pattern as SPX (as guided by our analog), it’s getting fairly close to its next turning point at 1392.
As it turned out, RUT tagged 1392 the very next day and reversed as expected. But, those licking their chops over a great shorting opportunity were disappointed. After six long weeks of chop, it managed a miserly 3.6% decline.
Three weeks later, we’re right back to 1392 — begging the question: what’s next?
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