Russell 2000 (RTY) Heads Down For the 2nd Consecutive Day; Price Base in Formation Over Past 90 Days

The Hourly View for RTY

Last Updated June 16, 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. As for the trend on the hourly timeframe, we see the clearest trend 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 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 0.26% (6.07) from the open of the previous day, marking the 2nd consecutive day a decrease has occurred. Relative to other instruments in the equity indices asset class, Russell 2000 ranked 9th since the previous day in terms of percentage price change. The daily price chart of Russell 2000 below illustrates.

RTY

Russell 2000 Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 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 15 of the previous 30 trading days.