Russell 2000 (RTY) Closes Prior Hour Near 1537 (Down 0%); Heads Down For the 2nd Consecutive Day, in an Uptrend Over Past 90 Days

The Hourly View for RTY

Last Updated September 21, 2020, 12:58 GMT

Currently, RTY’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. 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 RTY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on RTY; it is now pointing down. 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 closed the day prior down 0.38% (5.82); this denotes the 2nd consecutive day it has gone down. Relative to other instruments in the equity indices asset class, Russell 2000 ranked 6th since the day prior in terms of percentage price change. Below is a daily price chart of Russell 2000.


Russell 2000 Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 30 day timeframe. If you’re looking to trade the primary trend, this may be a good opportunity to buy dips created by the counter trend. Or to view things another way, note that out of the past 14 days Russell 2000’s price has gone down 8 them.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to $RTY for the past day were:

  • From jomama_trades:

    @xuwu99 Thanks for sharing. There is a difference though — in all the past instances, Daily chart was on Sell. This time, we have Daily in Oversold conditions w/ some Pos Divg on other TFs. But Weekly is Bearish (for $ES $NQ, not quite for $RTY $YM) so we shall see … 😉

  • From TraderLila:

    Electric car hype. So hot right now. Gains too. Join us for a free 20 day trial. LINK IN BIO. $BA $CMG $INTC $NFLX $JPM $BAC $YM $YM_F $NQ $NQ_F $ES $ES_F $GC $GLD $QQQ $WMT $SQ $TLT $BABA $BIDU $ROKU $RTY_F $RTY $IWM $VIX $DIA

  • From Yuto_gahagaha:

    U.S. stock futures tumble.S&P 500 -1.95% $ES
    Dow -2.25% $YM
    Nasdaq -1.75% $NQ
    Russel -2.45% $RTY