The Trump Rally momentum is unstoppable. The RUT prints a new all-time closing high at 1334.34 and new all-time high at 1334.83. The SPX, INDU and COMPQ also print all-time record highs. The orange-headed president-elect creates a massive rally in small caps the RUT is up for 13 unprecedented consecutive days a record unmatched since 1996. The green upward-sloping channel shows price at the top rail. The RUT has also violated the upper standard deviation band so the middle band at 1239 and rising is on the table.
If a top occurs now at this level, the Fibonacci retracements are shown for the rally. The 38% Fib is at 1267. The lower channel rails are in the 1250-1270 area. The 20 and 50-day MA's are at 1235-1239. A lower landing zone in the 1250-1280 area is in play. The 1299-1303 area is firm support.
The red bars in the right margin for stochastics and the histogram display neggie d (bearish). The stochs are also overbot (bearish). The RSI and MACD line, however, are long and strong (bullish). So price needs to pull back and take a rest to satisfy the histo and stochs but then will likely want to rally again to a matching and higher high in this daily time frame.
The blue box shows that the move higher is a strong trend with the ADX at 37. Thus, the trend should continue. A pull back is needed in the daily time frame it will be interesting to see if it is sharp and significant, or subtle and small. Stocks are usually buoyant into a holiday but the rally is in its 13th day very rare market behavior. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.