Russell 2000 (RTY) Heads Down For the 2nd Straight Day; Pin Bar Pattern Appearing on Chart

The Hourly View for RTY

Last Updated January 12, 2021, 02:020 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. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on RTY; it is now pointing down. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Russell 2000 Daily Price Recap

Russell 2000 is down 0.03% (0.65) since the day prior, marking the 2nd straight day it has gone down. Relative to other instruments in the equity indices asset class, Russell 2000 ranked 4th since the day prior in terms of percentage price change. The daily price chart of Russell 2000 below illustrates.

RTY

Russell 2000 Technical Analysis

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. Or to view things another way, note that out of the past 30 days Russell 2000’s price has gone up 17 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.