Russell 2000 (RTY) Tops All equity indices, Up 1.76%; in an Uptrend Over Past 90 Days

The Hourly View for RTY

Last Updated April 26, 2021, 02:019 GMT

At the time of this writing, 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 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on E-Mini Russell 2000. Given that we see an uptrend 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 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

The choppiness in the recent daily price action of Russell 2000 continues; to start today, it came in at a price of 2271.85645 US dollars, up 1.76% (39.24) since yesterday. On a relative basis, today was pretty good: Russell 2000 bested all 14 of the assets in the equity indices class 🙂 Here is a daily price chart of Russell 2000.

RTY

Russell 2000 Technical Analysis

First things first: Russell 2000 crossed above its 50 day moving average yesterday. Volatility for Russell 2000 has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 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. Or to view things another way, note that out of the past 14 days Russell 2000’s price has gone up 7 them.