Oops, the $RUT did it again. $RUT made new highs and then rejected for month close. The interesting part of this was again the long term standing trend line we pointed out a few weeks ago at the beginning of April. It again served as rejection.
The risk for the $RUT remains a larger correction that could ultimately expand into the broadening topping range that appears to have formed:
While new high can’t be excluded along with the larger market risk range outlined previously there is little to no historic precedence to suggest that this record low market volatility will continue indefinitely.
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