RTY's Time to Shine 7/24/2020
The RTY at the 4 hour view. Tech shares are finally getting corrected by institutions. Thank God. The NQ was seriously overextended and bloated.
While tech and biotech will be going ultimately sideways for the rest of the summer, this is a great moment for non-tech sectors to grow from the Distribution Cycle.
RTY is filled with non-tech sectors. Investors are flocking for dividend stocks which the RTY is loaded with them. RTY will soon be my favorite index to long and the NQ will be my index to short from at this rate.
The question is: will the RTY fill that giant gap below or make another run for 1500+?
While tech and biotech will be going ultimately sideways for the rest of the summer, this is a great moment for non-tech sectors to grow from the Distribution Cycle.
RTY is filled with non-tech sectors. Investors are flocking for dividend stocks which the RTY is loaded with them. RTY will soon be my favorite index to long and the NQ will be my index to short from at this rate.
The question is: will the RTY fill that giant gap below or make another run for 1500+?
Comment:
If I were to make a guess, I would say that the Russel needs to drop first to 1) fill the gap below and 2) find support to bounce.