RTY One hour time frame is in an up channel. I am looking for the market to form a low price and push bullish towards the top of the channel. The low price could be now or it could be near the bottom of support. It may be a good idea to use a counter trend line break bullish to find the potential low price.
RTY will soon be entering demand, from there longing it after the election fiasco seems to be an ideal bet. September low is still intact, as well as the index overall has printed a higher high since the previous August high.
The market celebrating the end of capitalism because of stimulus, lol.
Stayed out of the market the last couple of weeks to go duck hunting, this crap is absolutely hilarious. In any case, RTY and ES MFI overbought, YM and NQ aren;t quite there yet.
I perceive Russell2000 as being in a still bullish phase, however, it might need more time to settle. Today we might see mild pressure to the upside with light volume. Remember, today is a short day for CME. US Stock exchanges are closed.
After the huge run in the Russell I am using the index futures to hedge against long equity exposure in the portfolio. I am not bearish on the market on an intermediate term (weekly) basis but in the short term I think its a prudent time to protect against any potential volatility spike or profit taking in the market especially going into a long weekend. My stop...