Russell 2000 (RTY) Fares the Worst Out of equity indices, Breaks Below 100 Day Average; Price Base in Formation Over Past 30 Days

The Hourly View for RTY

Last Updated May 14, 2021, 00:020 GMT

Currently, E-Mini Russell 2000’s price is down 0.01 (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 50 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Russell 2000 Daily Price Recap

Russell 2000 is down 3.26% (71.85) since the previous day, marking the 3rd day in a row a decrease has occurred. Those trading within the equity indices asset class should know that Russell 2000 was the worst performer in the class today. The daily price chart of Russell 2000 below illustrates.

RTY

Russell 2000 Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Russell 2000 crossed below its 100 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 7 out of the past 10 days.