Russell 2000 Index, Weekly Daily Chart Analysis For Jan 4, 2021Technical Analysis and Outlook
The small-cap Russell 2000 was the big star this week with a decent 5.9% gain. The index on its way to Key Res $2,112 , and our Inner Index Rally $2,140 respectively, also, Outer Index Rally $2,180. The short term downside support is tapped at Mean Sup $1,950 providing an excellent ball out buying opportunity. To continue the rest of the market story, see the 'Weekly Market Review & Analysis For January 4, 2021" at the usual site.
US2000 trade ideas
RUT Bullish Momentum CluesThe current Russell 2000 (RUT) rally from the 10/30/20 bottom is the largest and longest spike since the start of the secular bull market in March 2009.
That earlier spike was the kickoff of the secular bull market. The current spike is probably a speculative blow off top. Sharp moves up in small cap stocks is typically
a phenomenon of late stage bull markets. Speculators after months of upside action are now comfortable taking additional risk.
RUT rally could continue for several weeks. Most of the time price will peak on one or more RSI bearish divergences. Since the start of the RUT bull market, rallies have ended six out of the last eight times with bearish weekly RSI divergences.
Bullish seasonal factors and Fibonacci price/time relationships provide additional bullish evidence for US stocks and are examined in my website. Bears beware, its been
very difficult shorting since April 2020, this situation could continue for at least several weeks.
Mark
Ponzi scam end gameTrump doubled his investments and now he's leaving us with huge debt that average Joe will have to pay for.
Those that went long since October, I salut you.
With the new office, I believe we'll discover a lot of shady stuff that will make serious correction in the market.
Im beginning to short Russel 2000 with TZA