What does AI Fatigue look like for Indices? What is moving lately? Tech stocks in Nasdaq and S&P are down, whereas traditional stocks in the Dow Jones and the smaller-cap stocks in the Russell are holding well.
Micro E-Mini Russell Futures and Options
Ticker: M2K
Minimum fluctuation:
0.10 index points = $0.50
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M2K1! trade ideas
Russell 2000 (RTY) Looking to Resume Bullish TrendShort Term Elliott Wave in Russell 2000 (RTY) suggests that rally to 2304.90 ended wave 3. Pullback in wave 4 unfolded as a zigzag Elliott Wave structure. Down from wave 3, wave (i) ended at 2246.1 and wave (ii) ended at 2285.50. Index resumed lower in wave (iii) towards 2206.80 and wave (iv) rally ended at 2224.20. Final wave (v) lower ended at 2193.6 which completed wave ((a)). Rally in wave ((b)) ended at 2221.80. Wave ((c)) lower ended at 2188.01 which completed wave 4 in higher degree. The Index still needs to break above wave 3 at 2304.90 to rule out a double correction.
Up from wave 4, wave (i) ended at 2274.50 and pullback in wave (ii) ended at 2202.20. Wave (iii) higher ended at 2288.80 and pullback in wave (iv) ended at 2251.10. Final leg wave (v) ended at 2298.10 which completed wave ((i)) in higher degree. Wave ((ii)) pullback is in progress to correct cycle from 7.22.2024 low before it resumes higher. Near term, as far as pivot at 2188.01 low stays intact, expect pullback to find buyers in 3, 7, or 11 swing before the Index resumes higher.
RTY Bullish MomentumWith the ES and NQ seeing some major weakness there seems to be a market rotation out of the tech sector and into small caps. The reason I like RTY for a continuation of bullish momentum is because price action is setting up in a bullflag with higher swing lows and two strong wicks through the top trend line possibly taking out some sell orders clearing the way for the bulls to push through.
This could also be the formation of the W pattern. There is a triple top at the neck line of the W pattern at 2273.9 which is a key level that if is broken would signal more bulls to enter possibly pushing to test 2304.5. Resistance after the double top would be at 2340 which is the measured move from the neck line down to higher low at 2204 (677 ticks).
Near Term Trade Russell 2000With the view from Tom Lee of Fundstradt he believes the Russell will hit an ATH of 3000 by summers end and I believe he is correct. For the month of August a 15% climb or more is in the cards for August. A near term trade. The technicals are in place for a near term trade.
RTY Long IdeaRTY has been relatively weak all year, but has been tradable, at least I think so. It just had a big downtrend breakout and failed. It's retesting the trendline now, it's likely we see a bounce here and potentially a move up to supply. If not, demand below is the next target. If that breaks, it could get even more momentum to the downside.
Super waveycheck out some of my ideas. also I don't take every trade idea that you see here
these are assumptions before price action completes and confirms. The point of my ideas is try to predict price action everyone knows that's next to impossible but I'm having fun.
I am not a professional trader nor am I technical . all ideas are based on what I understand price to be. when I see certain confluences that fits my trading strategy I then look for my opportunity to enter trades.
to many egos here. we are all independent traders navigating the market. happy trading
Oil ES mini Russell June 11th 2024 in this video I spent some time on crude oil where you might consider trading it as a buyer or a seller, I would be a seller if I had to trade the market where it is now---- always with a small stop. The es has a reversal move here to Short so... if I shorted it I would have a very tight stop, and I probably wouldn't short it because the price action is still near the high. the reason I wouldn't go long on the ES is that I'm looking at a 2-bar reversal that would suggest it's going lower it's a conflict. however, on the Russell this Market has a lot more bearish price action leading to where the price sits at this point, and this is why I would prefer the Russell that represents 2000 stocks versus the S&P which is 500 stocks... I believe that the Russell is telling you that the market is in Jeopardy of going lower because of its more bearish price action.
Russell 2000 Looks Almost Ready For a Change In TrendRussell 2000 Looks Almost Ready For a Change In Trend
Price looks ready to complete the Head & Shoulders pattern.
We have to be careful as it is not a complete pattern but it shows the possibility that the price may complete the right shoulder near 1925 over the next few days.
If the price manages to break out of the neckline of the model, then we should look at Russel 2000 moving down near to 1780 and 1700.
You may find more details in the chart!
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RTY Bull Flag - Doom After?RTY retested its major ascending channel it fell out of before the sell off last month. Currently has a short term bull flag that I could see it getting broken to the upside, but then it'll have to contend with that major trendline again and may lead to a failure. On top of that, it also forming an ascending wedge. Seems bearish to me.