Russell 2000 (RTY) 5 Day Up Streak Snapped; Price Base in Formation Over Past 14 Days

The Hourly View for RTY

Last Updated June 29, 2021, 01:014 GMT

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 RTY has now gone down 8 of the past 10 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Of note is that the 100 and 20 hour changed directions on RTY; they are now pointing up. 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 is down 0.52% (12.06) since the day prior, marking a reversal from the day prior — and the end of a 5 day positive run. Relative to other instruments in the equity indices asset class, Russell 2000 ranked 9th since the day prior in terms of percentage price change. Let’s take a look at the daily price chart of Russell 2000.


Russell 2000 Technical Analysis

The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that Russell 2000’s price has gone up 17 of the previous 30 trading days.