• RUT Monthly

So the new star that everyone have been talking about is the Russel 2000, since it is making new highs. Now that is great. but what does it represent to me when I plot my projected moves and my Fibonacci Levels? Well it looks like this

RUT Monthly

As you can all see it broke above the 23.6% this is very bullish since now it has an opportunity to reach the top at around 1128.98 (give or take). So yes we can still rund for a couple of days/week/month.

Now the problem that I see is that around 23.6% Fibonacci level, things tend to need a breather, and roll over for a while. That is why it is crucial that people noitice the Russel level above 1005.32, if at any moment it drops under that level, there is a very good chance we will roll over and try to find support at 977.32 (50ma) and if that fails we have the 953.52 (100ma), and if all this fails, we will be relying on the Fibonacci levels as support. The first one being the 38.2% which represents the 928.50.

$SPY 1st support is 164.00, 2nd support 162.87 (50ma) and 3rd is 162.40.

$SPY 1st target is 166.25 and 2nd is 169.07.

Trade what you see, not what you think.

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