RUT has break session low and is now challenging support at 690.92
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Russell 2000 (RUT) : Fill the gap. Support level
May 5, ’10 10:11 PM
RUT (along with many other counters) gap down on opening today.
It has since tried to fill the gap within the first half an hour.
Currently, it is just trading and hanging near to the support level 702.18 as indicated by the Chikou Span.
I doubt it will hold, unless Euro zone comes out with some positive news.
A fall below this will see our next target level shift to support at 678.
Russell 2000 (RUT) : Support broken
May 5, ’10 12:31 AM
RUT has break its support at 710.3
This support level is identified by both the Chikou Span and the Kijun sen (trend line).
With the whipsaw movement over the past few days, and the breakdown from this support level, this could be the beginning of a major correction.
Catalysts at this moment seems likely to be from the PIIGS.
