Is Momentum Changing for E-Mini Russell 2000? Price Just Crossed Above Its 20 Day Moving Average

News Releases Impacting E-Mini Russell 2000

  • Forecasted Retail Sales MoM in United States: 2%. The previous number: -1.9%. (205.26% difference between the two.)

The Hourly View for E-Mini Russell 2000

  • At the moment, RTY’s price is down 0 (0%) from the hour prior.
  • E-Mini Russell 2000 has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears.
  • Regarding the trend, note that the strongest trend exists on the 20 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 downtrend on the 20 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 down -18.64 (-0.92%) from the day prior.
  • This is the 3rd day in a row E-Mini Russell 2000 has seen its price head down.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 20 day moving average, resulting in them so that price is now turning below it. The moving averages on the daily 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.
  • 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

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