Russell 2000 (RTY) Fares the Worst Out of equity indices, Down 0.96%; Price Base in Formation Over Past 14 Days

The Hourly View for RTY

Last Updated November 9, 2020, 19:39 GMT

At the time of this writing, RTY’s price is down $-1.18 (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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’s 4 day positive streak has officially concluded, as the candle from the day prior closed down 0.96% (15.89). Those trading within the equity indices asset class should know that Russell 2000 was the worst performer in the class today. Here 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. Also of note is that on a 14 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 up 18 out of the past 30 days.

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 TeddyVallee:

    Current positioning backdrop from our October note: US Tech = $11T or 31.2% of aggregate $SPX+ $RTY mkt capAdding in bond proxies/lower real rate beneficiaries ( $XLV, $XLU, $XLP) total mkt cap rises to $24T or 69% of the aggregate mkt cap, highest in history. 1/n

  • From _____Tasia_____:

    The longer control of the Senate remains in the balance, the higher the odds of heavy selling/profit-taking into yearend. $DJI $DJIND $DIA $SPY $SPX $NDX $NDAQ $QQQ $RTY

  • From tdarling1:

    Short vol is long equity; big week, especially for tech$SPX +7.3%
    $COMPQ +9.0%
    $RUT +6.9%Futures building on last week’s gains
    $ES 3550 +1.4%
    $NQ 12308 +2.0%
    $RTY 1660 +1.05%