RUT returns

Something lit a fire under the RUT today and it would seem buyers can't get enough of the small caps. How quickly things can change and today's rally suddenly has the RUT up near the top of its larger rising wedge, which is the trend line along the highs from October 4 - December 4, near 1590. It would obviously be bullish if the RUT can sustain a rally above that level but first we'll find out soon whether or not it will hold as resistance. The canary has perked up and is chirping away and that has scared the bears back into their caves. The unstoppable rally continues…

RUT daily chart