Russell 2000 - Could we get one more high?6/27/20. SPX and Nasdaq are dominated by a handful of large caps stocks and they maybe unreliable.
Russell2000 is made of mid cap 2000 companies and may represent better picture.
White path = we topped in cycle 1 and in the process of trace to cycle 2
Yellow path = we go up for one more higher high but that may present A=C setting up for potential larger move back down to test the March low.
Know your parameters. Risk vs Reward.
USSMALLCAP2000CFD trade ideas
RUT End Of Week Evaluation*** Comments prior to evaluation summary ***
RUT generated new low in the consolidation range this week.
An enveloping bar formed in the market on Friday (daily chart). This can have an impact coming into the new week. The envelope indicated a desire to move toward 1405 - 1397 which matches the week charts skipping target low of 1389 So I would accept this is a double confirmation of potential low for next week. As always this is dependent on if the strength and attitude continue.
There is also a minor measurable event which has a suggestion of 1344 for the coming week.
RSI has weakened by 6.3% on the 14 day and 16.1% on the 5 day. ** If you use RSI to help measure 'Strength' as it was designed for.
Trend Analysis:
The current trend is defined by the last price and it's relationship to specific moving averages.
Check the MA strategy for more specific suggestions.
Weekly: The relationship to the primary trend MA is bullish. The price in relationship to the other averages suggest long positions
Price Action:
Weekly: The average price range currently is 129.76 points/ticks/pips. Prices are currently .28x the normal trading range. Prices are trading within the mean range for activity. This generally indicates a consolidation of strength/indecision in the market regarding direction.
Prices are currently caught in consolidation between 1343.60 and 1537.62.
While in consolidation the trade range may decrease to 79.722 points/ticks/pips.
Standard Deviation
Weekly: Standard deviation suggests a range from 1225.18 to 1612.09 for the following week.
Calculated Price Strength:
The strength of the trend in conjunction with specific averages
Weekly: Trend strength suggests a trade range of 1338.17 to 1498.55 for the following week.
Price Projection:
The price action has generated a projection signal for the underlying.
Weekly: Price currently displays (if strength and attitude continue) a desire to move toward 1389
If strength and attitude continue, it could take between 1 to 2 trade periods (weeks) to reach the projection.
Indicators Summary.
A collection of technical indicators whose directional attitude has been summarized.
Weekly: Out of the cumulative indicators monitored, 60.00% are bullish, 0.00% are bearish, 40.00% are neutral
The CCI indicator trading strategy suggest the following:
Weekly: Neutral price action - shorts closed.
Confirmation Signal
6 indicators combined to confirm entry/exit.
Weekly Bullish - Open directional trades
That down candle a week ago is still "bringing back memories"?Equities tried rallying above it but have so far failed. Note how Russell futs trade stuck below the highs of that big candle last Thursday. Similar is to be seen in S&P. Watch the lower part of the channel for support in case we turn lower.
Upside, watch recent highs as resistance.
RUT corrective pullback [WAVE C]On the minor time frame, wave (C) corrective is still in progress with the resistance level at about 1540 targeting the 1300 downside target. We have seen quite a sharp decline in higher degree into wave i. 1542 resistance must hold to keep this corrective pattern alive.
RUT End Of Week Evaluation*** Comments prior to evaluation summary ***
The last week has generated an negative enveloping bar. Movement below 1349 the week confirms the direction indicated. Movement between the high and low of the week will allow for an adjustment of the general attitude/direction.
Trend Analysis:
The current trend is defined by the last price and it's relationship to specific moving averages.
Check the MA strategy for more specific suggestions.
Weekly: The relationship to the primary trend MA is bullish. The price in relationship to the other averages suggest long positions
Price Action:
Weekly: The average price range currently is 125.582 points/ticks/pips. Prices are currently .07x the normal trading range. Prices are trading within the mean range for activity. This generally indicates a consolidation of strength/indecision in the market regarding direction.
Prices are currently caught in consolidation between 1349.391 and 1537.619.
While in consolidation the trade range may decrease to 77.25 points/ticks/pips.
Standard Deviation
Weekly: Standard deviation suggests a range from 1183.429 to 1591.94 for the following week.
Calculated Price Strength:
The strength of the trend in conjunction with specific averages
Weekly: Trend strength suggests a trade range of 1310.08 to 1465.29 for the following week.
Price Projection:
The price action has generated a projection signal for the underlying.
Weekly: Price currently displays (if strength and attitude continue) a desire to move toward 1271.34
If strength and attitude continue, it could take between 1 to 2 trade periods (weeks) to reach the projection.
Indicators Summary.
A collection of technical indicators whose directional attitude has been summarized.
Weekly: Out of the cumulative indicators monitored, 60.00% are bullish, 0.00% are bearish, 40.00% are neutral
The CCI indicator trading strategy suggest the following:
Weekly: Neutral price action - shorts closed.
Confirmation Signal
6 indicators combined to confirm entry/exit.
Weekly Bullish - Open directional trades
RUT evaluation of 11 June 2020*** Comments prior to evaluation summary ***
On Monday June 8th, the index was 4.08 trade periods ahead of average trading. Generally when this occurs instruments either stall/reverse.
After yesterdays reversal, the index is 1.165 trade periods (to the negative trend) of average trading.
Trend Analysis:
The current trend is defined by the last price and it's relationship to specific moving averages.
Check the MA strategy for more specific suggestions.
Daily: The relationship to the primary trend MA is bearish. The price in relationship to the other averages suggest short positions
Price Action:
Daily: The average price range currently is 40.69 points/ticks/pips. Prices are currently 1.16x the normal trading range. Prices are trading within the mean range for activity. This generally indicates a healthy trading range.
Prices currently are trending and not in consolidation.
Standard Deviation
Daily: Standard deviation suggests a range from 1270.255 to 1442.192 for the follow on trading day.
Calculated Price Strength:
The strength of the trend in conjunction with specific averages
Daily: Trend strength suggests a trade range of 1331.08 to 1381.37 for the following day.
Price Projection:
The price action has generated a projection signal for the underlying.
Daily: Price currently displays (if strength and attitude continue) a desire to move toward 1270.12
If strength and attitude continue, it could take between 3 to 6 trade periods (days) to reach the projection.
Indicators Summary.
A collection of technical indicators whose directional attitude has been summarized.
Daily: Out of the cumulative indicators monitored, 10.00% are bullish, 50.00% are bearish, 40.00% are neutral
The CCI indicator trading strategy suggest the following:
Daily: Neutral price action - shorts closed.
Confirmation Signal
6 indicators combined to confirm entry/exit.
Daily Bearish - Open directional trades
Moving Average Strategy
Strategy composed of 3 moving averages and prices interaction with the averages.
Daily: Bearish market attitude, enter into Short trades only - do not bet against the trend
Suggested stops base on daily charts:
SAR value at: 1537.62
Close - (ATR * 1.5) at: 1356.22461.035
SMA 13 at: 1441.791