Russell 2000 (RTY) Down 2.83%, Crosses 50 Day Moving Average; But Still in an Uptrend Over Past 90 Days

The Hourly View for RTY

Last Updated March 30, 2021, 23:19 GMT

At the time of this writing, E-Mini Russell 2000’s price is down 0 (0%) 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 100 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 an uptrend on the 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

Russell 2000 entered today at 2158.68237, down 2.83% ($62.8) from yesterday. 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.


Russell 2000 Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Russell 2000 crossed below its 50 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 another vantage point, consider that Russell 2000’s price has gone up 8 of the previous 14 trading days.