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While European stock markets rallied broadly into today's close, Russia flashed another major negative divergence, closing down another -2.4%.

The Russian Trading System Index (RTSI, see chart) has been crushed in the last week, trading all the way back down to 603. The capitulation low of October 24th was 549, and there is no technical support for this index until we revisit that line. The geo-macro concerns in this region of the world are real. Pay attention to them.

We've drawn the important resistance lines in the chart below. There is massive resistance up at 1,116. That line will need to be overcome before the negative intermediate "Trend" reverses to the positive. A cold Russian winter cometh...
KM