The Tide May Be Shifting for E-Mini Russell 2000 as it Crosses Below Its 20 Day Moving Average

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News Releases Impacting E-Mini Russell 2000

  • Forecasted Personal Spending MoM in United States: 0.7%. The previous number: 1.1%. (36.36% difference between the two.)

The Hourly View for E-Mini Russell 2000

  • At the moment, RTY’s price is down 0 (0%) from the hour prior.
  • It’s been a feast for bears operating on an hourly timeframe, as E-Mini Russell 2000 has now gone down 4 of the past 5 hours.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on E-Mini Russell 2000. Given that we see an uptrend on the 20 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.

E-Mini Russell 2000’s hourly price chart is shown below.

RTY

The Daily View for E-Mini Russell 2000

  • Currently, RTY’s price is up 39.07 (2.17%) from the day prior.
  • The daily chart shows that E-Mini Russell 2000 has seen 2 straight up days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • Most noteworthy in the world of moving averages on the daily chart is that the 20 day moving average has been crossed, with price now being above it. The moving averages on the daily 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.

Below is a daily price chart of E-Mini Russell 2000.

RTY

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