Rty1
RTY Daily Support Shows it is holdingThe RTY Daily time frame is in a down channel. The
market hit the bottom of the channel and found
support. The market is now pushing bullish towards
the top of the channel price point 1936.2 about
+803 ticks above the market. It will be a good
idea to turn to the one hour time frame and to
look for long ideas in the buy zone.
ES UpdateES and RTY MFI hit overbought premarket
SHorting garbage yesterday morning was the right call, flipped my RIVN puts for a decent profit. Gonna stay cash until the Fed meeting, garbage stocks are already down 3 - 5%, not worth chasing it right now.
Should've shorted PTON again, lol. What a PoS, SFIXing it's way to single digits. Didn;t think it'd move that much this week.
RTY +1,400 Ticks long ideaThe RTY one hour time frame is in a large side
ways range. The market is at the bottom of the
range. The market is below the short term down
trend line. It will be a good idea to wait for the
market to break and close above the short term
down trend line before looking for long ideas.
Entry: Counter trend line break bullish above
the bottom of the sideways range.
STOP: In the sell zone, below the low that
formed at the bottom of the range.
LIMIT: 2055.7
Once or if the market closes above the short
term down trend line. As long as the market
stays above the bottom of the range. It will
be a good idea to turn to the five minute time
frame and look for tunnel trader long /
destination trader long ideas towards 2055.7
+1,300 Bullish move on RTY DailyThe RTY daily time frame is in an up channel. The
market hit the bottom of the channel and is
showing signs of pushing bullish towards the top
of the channel price point 2127.8 about +1,311
ticks above the 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.
Russell 2000 Futures -20% More$RTY1! lost 50 EMA support and racing to 100 EMA quickly on weekly, looks even uglier on daily as the pullback looks to be gaining momentum.
Next level of interest would be another -20% decline.
Last time this severe of a retreat was realized was March to May of 2020. The recovery was rapid given unprecedented amount of federal stimulus to prop the economy up.
Stimulus is not an option in the face of sharply rising prices with persistent inflation starting to rip across all sectors.
Markets shrugged off initial Fed communications and FOMC 25 bps rate hike, clearly reflecting lack of belief in Central Banks' conviction.
More volatility ahead as recession lurks in the wings and stagflation appears likely without regime change.
RTY UpdateLooks to me like the market just wants to bounce sideways, I hope that's the case because sideways rangebound trading is just about the easiest way to make money.
In any case, if you're still bullish, wait until MFI goes oversold before buying the dip. I woke up late today and missed the morning drop so staying out for now. Garbage stocks are tempting but I'll probably have to wait to see what happens tomorrow.
Might buy a few CHWY puts or something EOD if there's no afternoon rebound.
I told you guys short squeezes always run 3 or 4 days, looks like that's over. Could just go sideways though.
RTY ProjectionI thought this crap looked really familiar, here's the COVID rebound upside down.
COVID stocks now tanking much like the way they rose off the bottom, every earnings just gets worse and worse.
I maintain bearishness but watch out for the Fed next week. Also, just because garbage stocks are tanking doesn't mean they tank every day, you can't expect stocks to drop 10% 2 days in a row, which is why I dumped CHWY puts yesterday.
All foreign markets are already at pre-COVID levels which is why they bounced and pumped US futures. US market isn't there yet. NQ might not reach preCOVID levels because FAANG stocks (minus FB) are doing well, but small caps should all return back to pre COVID levels eventually. Some already have....
I no longer care if the weekly goes oversold, there's no appetite for garbage stocks. The weekly indicators stayed overbought for an extended time during the pump. Now everything is inverted.
Gonna be tough trading because the market will gap up more often than not since Europe already hit bottom.
RTY MFI OversoldRTY MFI went oversold and now bouncing up. Indication of a melt up when RSI doesn't go oversold.
Odd thing is about half my board is red even though small caps are up 1.5%. That's really unusual, but looks like the garbage stock dump is done for the day.
Gotta headache so heading back to sleep, good luck