E-Mini Russell 2000 Does it Again: Heads Up for the 3rd Straight Day

The Hourly View for E-Mini Russell 2000

  • At the moment, RTY’s price is down 0 (0%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move up.
  • 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.
  • The moving averages on the hourly 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.

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

RTY

The Daily View for E-Mini Russell 2000

  • At the moment, RTY’s price is up 40.48 (1.82%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as E-Mini Russell 2000 has now gone up 4 of the past 5 days.
  • Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 100, 20 and 50 day moving averages, resulting in them so that price is now turning above them. 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