Russell 2000 (RTY) Heads Down For the 2nd Straight Day; in an Uptrend Over Past 90 Days

The Hourly View for RTY

Last Updated May 3, 2021, 02:019 GMT

At the moment, E-Mini Russell 2000’s price is down 0 (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 downtrend 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 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.

Russell 2000 Daily Price Recap

Russell 2000 came into today down 1.26% (29.01) from the open of the previous day, marking the 2nd straight day a decline has happened. Out of the 14 instruments in the equity indices asset class, Russell 2000 ended up ranking 12th for the day in terms of price change relative to the previous day. The daily price chart of Russell 2000 below illustrates.

RTY

Russell 2000 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to view things another way, note that out of the past 10 days Russell 2000’s price has gone up 5 them.