I didn’t manage a post in RTH today, but I thought I’d use this opportunity to do an after-market post looking at the strong resistance that is (very slowly) being retested here on RUT and TF, and to review the shorter term setups forming as the market vaguely meanders towards those retests.
On RUT the original rising channel expanded by a third into a new channel. This also intersects longer term rising wedge resistance on a pattern from the 2009 low. This is formidable resistance and I’m assuming this holds until demonstrated otherwise. I’d note here that while wedges and megaphones routinely overthrow at highs, channels tend not to. RUT daily chart:
