E-Mini Russell 2000 Does it Again: Heads Up for the 2nd Straight Day

The Hourly View for E-Mini Russell 2000

  • At the moment, RTY’s price is down 0 (0%) from the hour prior.
  • It’s been a feast for bears operating on an hourly timeframe, as E-Mini Russell 2000 has now gone down 4 of the past 5 hours.
  • Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
  • Price action traders may also wish to note that we see a doji candlestick pattern on E-Mini Russell 2000. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 50 hour changed directions on RTY; it is now pointing up. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

E-Mini Russell 2000’s hourly price chart is shown below.

RTY

The Daily View for E-Mini Russell 2000

  • At the time of this writing, RTY’s price is up 32.38 (1.48%) from the day prior.
  • The daily chart shows that E-Mini Russell 2000 has seen 2 straight up days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 20 day timeframe.
  • Most noteworthy in the world of moving averages on the daily chart is that the 200 day moving average has been crossed, with price now being above it. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
  • Divergence between RTY’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in RTY’s price.

Below is a daily price chart of E-Mini Russell 2000.

RTY