Russell 2000 (RTY) Up 0.53%; Crosses 50 Day Moving Average

The Hourly View for RTY

Last Updated October 5, 2020, 02:08 GMT

Currently, RTY’s price is down $0 (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 closed the previous day up 0.53% (8.09); this denotes the 3rd straight day an increase has occurred. Relative to other instruments in the equity indices asset class, Russell 2000 ranked 3rd since the previous day in terms of percentage price change. Here is a daily price chart of Russell 2000.

RTY

Russell 2000 Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Russell 2000 crossed above its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 30 day timeframe. So if you expect the primary trend to resume, the counter trend may be providing an opportunity to buy dips. For additional context, note that price has gone up 17 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 Tyson_US:

    I see so many wedges and trendlines being drawn .. don’t be biased by what you want to see and what you’d like to happen.. 😂 Keep an open mind at all times. Risk management! #fintwit $ES $NQ $RTY $GC $CL $NG

  • From FadeTheXX:

    SPAM #BOTS are drowning/killing any remaining #FINTWIT value $spy $spx $aapl $msft $googl $fb $amzn $nvda $tsla $qqq $tqqq $vix $vxx $uvxy $vxn $tlt $es $nq $iwn $rty

  • From TradingCondor:

    Remember last week futures were going red 2% and green during the next day. The opposite can happened, but worst. $nq $es $ym $rty