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Russell2000

Daily Review: ETH, IWM, and SPYNo fireworks followed the close as there was little follow through on the gap up this morning in U.S. markets. The cryptocurrency markets, on the other hand experienced some relief led by Ethereum and that is where we begin. Here is a 4-hour chart of ETH/USD. As in stands, Ethereum is within a rising wedge patter. If you follow Elliott wave, this type of wedge may be categorized as an ending diagonal due to the overlapping of waves. The month of April has been about all markets being in lock step. The chart below is the correlation coefficient of Ethereum and the SPY, the S&P 500 ETF. With resistance approaching for Ethereum could cryptocurrency give us a heads up when U.S. markets top? Below is a chart of the IWM, the Russell 2000 ETF. Unlike Ethereum, the IWM has not broken out yet. Though, I think it may be close. Since April 13, the IWM has been consolidating in a bull flag pattern with a measured target of $128.59. End of week rally incoming? Below is a 1-hour chart of SPY. The at the closing bell the one-hour chart presented with a bearish shooting star. Any reversal at the open tomorrow may be worth buying with stops at $272.14, which marks yesterday's low. If the it is taken out, it would invalidate continuation to the upside in my view. The broad markets have been in lock step for what seems to be the entire month of April. As long as this pattern continues we can continue to lean on market leaders such as Ethereum as an indicator of the impending end of this historic rally.
AMEX:SPYLong
by DailyClose
RTY - e-mini Russell2000 main S/R levelsHello traders, Description of the analysis: I have identified important s/r levels that the market should respect and respond to. Currently, the market is undergoing rotations with possible declines as the VIX index is still in extreme bands. Be careful to trade and invest sparingly! About me: Hi, my name is Jacob Kovarik and I´m trading on stock exchange since 2008. I started with a capital of 3000 USD. My first strategy was based on OTM options. (American stock index and their ETF ). I´ve learnt on my path that professional trading is based on two main fundaments which have to complement each other, to make a bussiness attitude profitable. I´ve tried a lot of techniques and many manners how to analyze the market. From basic technical analysis to fundamental analysis of single title. My analytics gradually changed into professional attitude. I work with logical advantages of stock exchange (return of value back to average, volume , expected volatility , advantage of high stop-loss, the breakdown of time in options, statistics and cosistent thorough control of risk). At the moment, my main target is ITM on SPM index. Biggest part of my current bussiness activity comes from e mini futures (NQ, ES). I´m trader of positions. I´m from Czech republic and I take care of a private fund (700 000 USD). During my career I´ve earned a lot of valuable experience, such as functionality of strategies and what is more important, control of emotions. Professional trading is, in my opinion, certain kind of mental training and if we are able to control our emotions, accomplishment will show up. I will share with you my analysis and trades on my profile. I wish to all of you successul trades. Jacob
CME_MINI:RTY1!
by Jacob_Kovarik
Russell 2000 - ShortThe stimulus bill has been passed and loans will begin to be allocated into the economy. The goal of this money is to keep business alive, but there are no clear guidelines on how this stimulus will be rolled out. After the current bounce (my assumption), the sellers are back. Prior to the corona virus, the Russell was already showing signs of weakness. As the virus continues to spread, my view is that the stimulus won't do much until businesses are able to open back up.
AMEX:IWMShort
by ISquared2
Equity Markets showing Reversal on the 4 Hour?First off is the Nikkei 225. We had a break out earlier today which also confirmed a head and shoulders bottoming pattern. The lower high and lower lows began to exhaust. We are now awaiting for our first higher low swing here to confirm this uptrend. Second is the German Dax. We had our breakout, and are now approaching the major 10,000 level. From here, would like to see 10,000 tested before a pullback and then a breakout creating a head and shoulders pattern and giving us a higher low to confirm an uptrend. The Russell 2000 is close to the Dax set up. We are watching for this breakout. Similar to the Dax in a way that we would like to see a move higher before a pullback and then a head and shoulders confirmation breakout. The Russell may also be a leading indicator on what we will see with the larger US equities.
OANDA:JP225USDLong
by Uncharted-FX
THE ONLY CHART THAT MATTERS!Today I made a video called 'BITCOIN vs STOCK MARKET BUBBLE 2020' (link in signature) - Inside a month we have nearly liquidated more assets than what was lost during the entire .Com bubble! There is a chance to catch within a few months around 16-17k - however - the market won't fully be recovered and healthy again until we do a full reset all the way down around 12,000. If that indeed happens then by the time its all said and done Wall Street would have lost more money than the .Com Bubble and Great Recession combined! But hey at least the charts show that 2029-2031 should be booming again! Peace & Love - BK
TVC:RUTShort
by bdkelly1203
How to Read Pennant Price Action More AccuratelyWe're all here on TV for the same reason, to become better traders and to make money. I came across this tip not too long ago and found that it really helped me read the price action better within pennants, so I wanted to share it with the community. Pennants form after a strong movement in price (either up or down) where the price bounces back in forth in a small area before it has to make a decision of where to go. The rule of thumb with pennants is they tend to break out in the same direction they were entered. This is often referred as a continuation pattern, where the price continues in the same direction it was heading. If the price was heading up, it will more likely than not break out to the upside and continue upward and vice versa. However, I noticed many times pennants not following that rule and I paid the price for being complacent in my trade. That was when I got this tip from Francis Hunt (highly recommended analyst) and it has really helped in anticipating where the price action is headed. Looking at WRX, notice how the price has strong spikes up in the price, followed by slow sell offs? This is bullish price action where the buyers are in control and it often leads to breakouts to the upside. I am merely using this price action as an example. WRX is a newly listed coin on Binance that did 9x in its first couple days on the exchange, so take this example more for the price action behavior than as evidence that it is going to explode to the upside. Now look at the pennant I have to the right of that. It entered the pennant on a bullish breakout so the price should continue in the same direction right? Well take a look at the price action inside the pennant. Notice the difference in how the price is reacting? In this case, each time the price slowly rises and is met with a sharp fall. This is an indication that the sellers are in control and you should be cautious of a strong breakout to the downside. I hope this tip helps you gauge your future trades into pennants more accurately. I have found that it has helped me dodge some sharp falls and take advantage of some big gains. I suggest you start searching the charts and analyzing the price action within those pennants to see if you notice this pattern as well. I hope it serves you as well as it has served me.
WEducation
by jpbrown1023
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