As I wrote on Wednesday’s OEW blog, the R2K needed to break above it’s
50-day MA. The 200-day MA and the 50-day MA were almost creating a symmetrical
triangle in the apex of which the R2K was squeezed. The R2K ($RUT) punched
decisively through the upper bound of this “triangle” (the 50-day MA) as well as
through the downtrend line that Jedi showed us. Here is a chart of Thursday’s
action:
Here is a chart of the R2K RS to the $SPX for Thurs. It made a nice
upthrust out of it’s base but still has a lot of resistance points to get
through, including it’s own 50-day MA.
The NYSE A-D line turned in a nice +1731 plurality today, confirming the strength in the $RUT.
No comments:
Post a Comment