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RUSSELL CREDIT SPREAD/HOURLY POINT AND FIGURE CHART

|Includes: AAPL, GE, GOOG, GS, iShares Russell 2000 ETF (IWM)

The hourly point and figure on the Russell 2000 gave a sell signal and gives a target of about 737. You can see clearly that it has broken support. That support is now resistance. Keep in mind that nothing is set in stone and don't be stubborn if it snaps back above resistance. Recently these kinds of breakdowns or breakouts have been tricky to play. Look at GS and AKS as examples. Move quickly if the picture changes. Preserve capital.

I put on a bear credit spread on the Russell yesterday for a 40 cent credit. 850/860

Click on chart to enlarge