Today I want to highlight the major support and resistance areas in the RUT. Especially since the market and market participant might be flip flopping to the bullish side.
I am a big believer in Fibonacci retracements and I think they hold a very important place in technical analysis. My fib lines are set-up using custom promoters taught to me by the Fib Doctor. If you want to learn more about Fib lines I would highly recommend paying for his course. Anyway, price is at a very important area, which is the 50% retracement from the down move we had at the beginning of May. This area is a prime area to fade, and I think there is a high probability of either moving lower from this area or I think we could move higher to the down trend line and likely sell off from there. Either way I think we are in the process of making a higher low and the exact point of that higher low is anyones guess, but based on the Fib lines there is a high probability that we move lower from here. If the Fib lines are correct I would expect the next support area to be around 728-730. If you are thinking of going long you might want to think of collaring your position, just in case.
There are no know position updates as of now, but I will keep everyone posted on my next move.