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$RUT Hourly Chart 

Updated short term & intermediate term reversal levels. Of the major indices, the RUT continues to show the most relative strength, remaining on a ST buy, IT buy, and LT buy. If we start to see a bounce at some point next week, the RUT would be a preferred long to SPX. The 1146-1150 area is key support. A break below that area would open up much more bearish possibilities. If we do break below that area at the start of next week, I will be on the lookout for a possible reversal back above that area, i.e. what we saw with the 1080 area in October.