RTY is about +200 ticks away from the daily limit. As long as the market stays in the buy zone market should push to the projected limit price. Once the daily Fibonacci extension price it hit. It will be a good idea to stop buying the RTY to see if the daily resistance level will push the market back down to the daily support.
The only index that hit overbought is RTY.... oddly, IWM shows the same thing Done for the weekend, I will not be posting Monday. Good luck
Short term Elliott Wave view suggests rally from May 13, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from May 13 low, wave ((i)) ended at 2245.1 and pullback in wave ((ii)) ended at 2152.35. The Index has started to rally again within wave ((iii)). Up from wave ((ii)) low, wave i ended at 2193.8 and dips in wave ii ended at 2170.20....
Russell is breaking higher out of a box. A lot of people use this as an excuse to enter the market, on the idea that old resistance (once broken) becomes new support.
The RTY daily time frame is in an up channel. The market hit the bottom of the channel and showing signs of pushing bullish towards the top of the channel price point 2327.0 which is also an up sub Fibonacci extension about +411 Ticks above the live market. It will be a good idea to turn to the one hour time frame and to look for low prices in the buy zone.
RTY selling off because it hit my target (lol) and was overbought on both RSI and MFI. ES and NQ are not overbought, looks like sector rotation back. So much rotation I'm getting dizzy. Note: All foreign markets except China rallied last night, no short positions over the weekend. In fact, I'm all cash. Keep in mind foreign markets trade on Monday. Gap...
Overbought so I'm not sure it;s gonna hit the target I drew up yesterday, but tomorrow is Ponzi Friday. Maybe a rotation out of small caps and into tech tomorrow.
RTY daily time frame is in an up channel. The market hit the bottom of the channel and is showing signs of pushing toward the top of the channel. The market is starting to make an up Fibonacci with an extension about a +1,000 ticks above the market price. Turning to the one hour time frame and looking for low prices in the buy zone will be a good idea as long as...
RTY One hour time frame is in a large up channel. The market hit the bottom of the channel and hit the daily down Fibonacci Extension. If the buyers are to take control. Now is a great time. Looking for the market to break and close in the buy zone off the one hour time frame will be a great idea to receive confirmation the buyers are taking control.
Here are support and resistance levels. Close above 2292 would confirm it's intention to move higher. Initial target is overhead resistance trend line and then 2500. Close below 2161 could indicate short term trend change.
Looks like it could be trying to finish the week higher. These are some shapes I am seeing. I don't like to trade the higher time frames, but this gives me some ideas for when I go lower.
on April 15, I did a thorough analysis of the market for my private subscribers, asked them to close all their positions, and predicted the market will be challenged in the next week and small-caps in particular. I offered them to buy inverse ETFs to benefitted from the negative market ahead. Today, I asked them to buy TWM..! so far +5.4% gain in a single...
MFI is oversold but it can stay that way for a day or two like last time. RSI is not there yet. I would find something else to short though
All other indices are neutral, neither overbought or oversold
MFI moving up.... You figure small caps are due for a bounce, closed out all my puts, all cash. Not feeling bullish though. Maybe if we get one more tank, lol, then I have to go long.
So much for indicators and overlays, looks like they turned off the buy algos. No guesses anymore, lol. RSI oversold again, MFI is not.
Went oversold as overlay predicted, similar shape. Expect a bounce here, may not go as big as last time.
This is my set up, for Russell Obviously a short entry has a better risk reward with 3 potential targets. But I don’t get to pick direction. My bias however is long due to the down wedge and strong supply. Price tends to attracted to strong demand or supply zones. Have fun! Please give thumbs up and follow if you find this helpful.