jangseohee

IUX, a Downhill Task for the bear

Short
RUSSELL:RUT   Russell 2000 Index
0
I hope you had a great Christmas and long weekend, fellow traders. But there is another long weekend ahead :-)

According to my previous post of Russell 2000 index , the weekly chart of this index fell short of replicating the 100% bearishness in 2007! Upon hitting 66.67% similarity, the table got turnaround and instead of a down bar, we have more up bars!

Just about 9 days ago from my post, Russell was below 1200. Now it has broken two of my triple resistances - namely the 1200 psychological round number, and the previous intraday high resistance as shown in the two white horizontal line. Congratulate to the bulls.

As a bear myself, the two horizontal resistances have "betrayed" me and let the price through. Finger cross that the 2009 uptrend line will be my last loyal bear, seem like price was rejected once by the trendline and closed beneath it

P.S. Potential of bearish divergence in MACD & RSI which can only be confirmed if they turn down. Price is pretty far away from my emotional indicator 8ema. Two resistances have turned into two supports, a DOWNHILL task for the bear!