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Russell 2000 Daily Chart with Current Implied Volatility Band Levels for Jan. 13, 2015

01-13-15 RUT Daily Chart

Post Non-Farm Payroll report selling continued Monday morning as market participants processed the report's data. After the initial opening selling, RUT found support after Buyers rushed in at confluent 50 Day Moving Average and an open gap filled from January 8. A good day for both selling strength (albeit during the overnight session) and buying weakness. It was anticipated that equity indices would return this week to normal intraday movements...so far so good.

Continue to consider buying strength and selling weakness at defined support/resistance levels if market breadth is agreeable. Follow thru higher is required to confirm yesterday's mid-session rebound. But keep one eye on Monday's lows as lower lows with validating poor breadth and high volume would overwhelm Buyers and invite Sellers to a renewed corrective phase.

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