RUSSELL 2000 Support Zone rebound?Russell 2000 (RUT) entered on Friday the wide Support Zone (1700 - 1630) that was formed on the May 12 2022 Low. The 1D candle closed inside it so unlike the bottoms that had wicks that recovered and closed above the Zone, this is most likely similar to the June 16 2022 and September 23 2022 breaches.
A low is to be expected around 1640 but the index is already a strong long-term buy, as the cyclical behavior of the Sine Waves suggests. The tops match perfectly with the Waves. In any case, from now on the first sign of 1D RSI Higher Lows (Bullish Divergence if the candles are on Lower Lows), will be the last confirmation we need of an upcoming bullish leg, which was the characteristic of all previous 3 bottoms.
On top of that, 10 days ago a 1D Death Cross was formed and even though that's a technical bearish pattern, last time it signalled the bottom. Our target is 2000, just below the 2008 - 2027 Resistance Zone.
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Rty1
RUSSELL 2000: Can drop more before an end-of-year rebound.Russell 2000 broke again today under the 1D MA200 after failing to close over the 1D MA50 on September 1st. Despite numerous breaks under the 1D MA200, all candles managed to close over it. If today's close under it (first time since June 5th) along with the bearish 1D technicals (RSI = 35.725, MACD = -19.100, ADX = 32.380), we expect the price to drop more inside the HL Zone. Then it will become a buy opportunity again and we estimate an end of the year rally towards the R1 Zone again (TP = 2,015).
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SPY SPX NASDAQ S&P500 ES are not going to dumpA "head and shoulders" pattern is a technical analysis chart pattern that can indicate a potential reversal in a stock's price trend. It consists of three peaks: a higher peak (the head) between two lower peaks (the shoulders). The pattern suggests a potential shift from an upward trend to a downward trend.
However, the effectiveness of technical patterns like head and shoulders can vary, and they don't always accurately predict market movements. Market behavior is influenced by a multitude of factors including economic indicators, company performance, geopolitical events, investor sentiment, and more.
"Complex correction" typically refers to a more intricate and prolonged market correction, which is a decline in stock prices from recent highs. Corrections are a natural part of market cycles and can be caused by various factors like overvaluation, economic downturns, or other negative events.
It's important to note that making accurate predictions about market movements is extremely challenging, even for experts. If you're considering investing or making financial decisions, it's advisable to do thorough research, consider a diversified approach, and consult with financial professionals who can provide tailored advice based on your individual circumstances and risk tolerance.
SPY divided by IWM, monthly Long term perspective.
Monthly and weekly charts showing a bull flag on this ratio chart with steep hidden bull divergence on monthly especially.
If we breakout of the flag it means IWM in general will start to lose much more value than SPY.
2.85 is the bull flag target but it could exceed that. Keep in mind this is a monthly chart so we're talking months and years of deterioration between these two etf's.
Good luck!
LONG opportunity in Russel (RTY)Context:
Weekly - uptrend (UT)
Daily - downtrend (DT)
Last day:
Value moved down but left very poor and weak high
Special notes:
Daily RSI is in oversold. Price at DMA200 support
Conclusion:
A lot of selling in the last 10 days. Market is getting too short and needs to cover those shorts before moving further down. Last day indicates lack of strong sellers, which creates opportunity for short-term bull bounce. DMA200 provides logical support
Disclaimer
I don't give trading or investing advices, just sharing my thoughts
Potential upsides on RTYWe tried to reject the Weekly trend line but looks like it was a fake out and we might see a breakout.
We are sitting right at the weekly trend line with a bull flag on the daily timeframe
Entry - 1990
Stop - 1960 (I would like to see a daily close below this level)
First target - 2050
Final Target - 2100
Please share your views. Happy trading!
Potential downside on US2000, RTY - SHORTLooks like we have a good opportunity to go short on RTY.
Rejected the weekly trend line and looks like we are forming a double top pattern in the 4 hr timeframe.
Entry - 1980
Stop - 1795 ( I would like to see a 4 hr close over this level or the red sell zone)
First target - 1960
Final target - 1930
Let me know your inputs. Happy trading!
RTY | IWM | InformativeCME_MINI:RTYU2023
If the price of RTY breaks above the bullish line of 1947.4, it may indicate a bullish signal, suggesting potential upward price movement. In this scenario, the target price could be set at 1964.5.
Conversely, if the price of RTY breaks below the bearish line of 1937.5, it may suggest a bearish signal, implying potential downward price movement. In this case, the target prices could be set at 1932 and 1919.
RTY MFI OversoldThe least reliable of the indices, but RTY MFI is oversold. ES and NQ aren't even close, but they aren't moving much. Flipped my shitcoin (BITO) puts at open which is why I was late to post. Too bad I shorted BITO instead of COIN, that would have been some serious money. Disappointed in the gap down, much smaller than I hoped for.
Staying cash today unless I see a good trade, not expecting the market to do much today.
RTY UpdateCryptos and small caps pulled back, Europe and China were red this morning. ES and NQ are still overbought though with no pullback.
Could very well be a melt up, still short on shitcoin through BITO puts. Nothing else, don't feel much like trading this week. Made decent money last week despite closing early on Friday, seems every time I make money I give it back to the market, lol. Might be easier to wait until MFI indicator goes oversold again and snag the next pump.
Bearish on crypto because it looks like Asia and Europe are throwing in the towel, garbage trades 24 hours and the Asians own a lot of crypto. 3hr indicators are oversold though, not sure I'd recommend opening a new short position.
RTY UpdateMFI hit oversold. NQ RSI is almost overbought on this huge pump. Remember ES is in the whipsaw zone again.
I'm probably not trading today or tomorrow. Reducing the number of trades I make since the market is going sideways, and I'm not really making much money.... I'll put up a post, but it's still tracking that big blue arrow, lol.
Since I'm expecting sideways whipsaw, no daily update unless indicators hit oversold or overbought.
RTY UpdateHit overbought on RSI and MFI, but I think it's a pump and dump. Expecting a gap up tomorrow, maybe dump on Fed minutes?
Keep in mind RTY can go way overbought or oversold, least reliable of the index indicators. TLT already looks like it's hit bottom, so I don't see a tank coming either way.
5.15.23 RTYM23 Long RTY has been strong recovering from the recent banking sell-off (for the time being).
Looking at a few demand areas for longs. The first zone is mean to be an overnight set and forget.
The closer the zone to the origin of the move the better the chance of it working so the lower DZs are likely stronger.
Watch for tomorrow's 8:30am Retail Sales reports as they could add volatility to the markets. If reports produce worse than expected numbers, market sentiment may shift in the short-term.
- Trades taken using confirmation entires have a higher probability for sucess.
- Using an initial 1:1 target is recommended for reducing risk.
- Short-term income trade ideas are good for the day unless otherwise stated.
*** For educational purposes only ***
RTY UpdateRetail numbers missed bigly, garbage retail stocks all down big today.
Made some money off BUD puts, though I actually expected the numbers to be good, lol.
Small caps down 1.4%, at this point I'm not chasing the drop today. However, it looks like RTY is headed to oversold again, so I'll look at it again this afternoon, maybe throw another $2k bet against some garbage. I need to be careful though, any time I make decent money, I throw it away on a stupid gamble, lol.
Maybe I should just take a break, I'm up close to $10k the last 4 trading days....
RTY UpdateAs usual, small caps are the weakest, MFI already hit oversold. ES and NQ are getting close, but won;t happen until Monday.
Not sure about gap direction Monday or if RSI also need to hit oversold. Either way, the market will signal a buy on Monday.... as usual I'll wait and hope for a gap down to make the decision easier.
RTY UpdateRSI hit overbought and turned around, I dumped my PCAR calls on open because it didn't look right.
Wasn't expecting today to be a pump and dump but numbers weren't that great. Made a couple of k's on PCAR, but really disappointed it didn't go up more.
Market just whipsawing again, no positions, I have no idea what it;s doing today.
RTY Short. We got a nice rejection of the Daily sell zone. Looking for continuation to 1745 and then ultimately 1700.
Entry Price - 1774
Stop loss - 1800 (I would like to see a strong close above 1800 level.
First Target - 1745
Final Target - 1700
Please share your views. Thank you
RTY UpdateNot oversold yet, not going long today though pretty high possibility of the usual Friday pump and dump tomorrow. Will wait until my indicators say to buy.
I think the selloff ended for the day because a lot of stocks hit support (see GM for example), but I'm not sure if that holds.
Looks like all I'm gonna make is beer money this week, but at least I didn't lose money in the Fed whipsaw. Also, PTON down and W up on earnings, the opposite of usual, lol. Glad I didn;t bet on that too.
RTY MFI overboughtRSI isn't there yet, but ES & NQ already hit overbought on both.
I don't expect the market to tank, probably just a dip. Bought a few AFRM puts for kicks and giggles this morning, see if it breaks support tomorrow.
Hoping the algos start cycling again now that earnings are over (except AAPL), buy the dip when MFI goes oversold.