RTY MFI almost overboughtGeez, it would have been an easier trade if they left everything oversold until the Fed meeting.
All indicators neutral except RTY MFI is almost overbought. ES overlay suggests we could see another dip before the meeting tomorrow.
Flipped my COIN puts on open for a wash this time because I saw the Euros were pumping futures. Staying cash until tomorrow morning, might just wait until after the press conf to confirm the next pump, lol.
Keep in mind there is still a gap above.
Rty1
Russell 2000 Bear Trend
Well.
1) Macro bullish symmetrical triangle fakeout leading to top signal.
2) Low volume on bullish break, High volume on reversal confirming fakeout.
3) Omicron Variant market reaction =~= Covid-19 market reaction
See SPY fakeout before March 2020 Covid-19 crash. (right)
Lastly, see bearish divergence between index and % of stocks above 200 ma (orange).
RTY - Resistance (0.5) Turned Support0.5 is acting as a support now as price has moved way above it, prior to this it was a resistance point as price tested it
This bullish assumption is supported by the RSI, showing an Inverted H&S pattern, just completing the Right Shoulder
This 0.5 fib line should act as a support now
RTY UpdateChart pattern and indicator directions looks bearish.
NQ MFI is oversold though, which is why I didn't comment earlier, was expecting a sector rotation day. Now NQ looks weak despite being oversold.
Looks to me like strictly an Euro futures pump, if futures sell off then garbage stocks are toast. They didn;t rally with the market at all.
Indices forming an intraday pennantAppears to be an intraday pennant on the 4 major indices (SPX, NDX, DJI, Small Caps). Could go either way either way Monday.
I just have some PTON puts because it's total garbage, but even garbage will float on a rising tide. just a small play.
In any case, I don;t expect the market to do anything in the last hour, but we'll see. My futures indicators are still trending bearish.
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.