Russell 2000 (RTY) Underperforms All equity indices, Crosses 20 and 50 Day Moving Averages; Price Base in Formation Over Past 14 and 30 Days

The Hourly View for RTY

Last Updated April 8, 2021, 03:019 GMT

At the time of this writing, E-Mini Russell 2000’s price is up 0.69 (0.03%) from the hour prior. E-Mini Russell 2000 has seen its price go down 8 out of the past 10 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, 10 and 5 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.

Russell 2000 Daily Price Recap

Russell 2000 came into today down 1.6% (36.1) from the open of the previous day, marking the 2nd straight day a decline has happened. On a relative basis, Russell 2000 was the worst performer out of all 14 of the assets in the equity indices asset class today. Here is a daily price chart of Russell 2000.


Russell 2000 Technical Analysis

First things first: Russell 2000 crossed below its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on the 14 and 30 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For another vantage point, consider that Russell 2000’s price has gone up 18 of the previous 30 trading days.