The RTY daily time frame is in a large sideways
movement. The market hit resistance price point
2302.4 and is now falling towards support price
point 2113.3. It will be a good idea to look for a
bullish U-turn the closer the market gets to
the daily support price point 2113.3.
I plan on turning to the one hour time frame
and looking for a bullish trend to form...
RTY appears to be coiling, probably goes overbought on MFI tomorrow then back down.
More whipsaw coming, lol. Not enough up side to bother buying calls.
The RTY one hour time frame is in an up channel.
The market hit the bottom of the channel and
showing signs of pushing bullish towards the top
of the channel.
Entry: Counter trend line break bullish above
the bottom of the channel.
STOP: 2201.8
LIMIT: 2325.00
As long as the market stays above the bottom of
the channel. It will be a good idea to turn to...
Just some levels I'm watching for long and short entries. Tried some scalps that didn't work out yesterday and today. Waiting for the next move up or down.
Take a look at the daily and you will clearly see that its been stuck in equilibrium for some time (approx 23 days).
In this situation you are best to set alerts at the extremes of the trading range (as i have done with the red and green horizontal boxes). When and if an alertis triggered you can check to see if a intraday set-up is materializing.
However, there...
Still doing the rangebound whipsaw, looks to me like it goes overbought by Tuesday and drops back down.
Small caps have a tendency to fill gaps (on the index, not futures) so maybe it fills the gap then cycles back down. If anyone has a good way to predict this whipsaw, I'd like to hear your theories.
Oversold > Overbought > ?Oversold again?! Probly will hit the R line at 2270 Friday IMO. Buying panic. V-shape, who knew?!
No position yet, lost enough second-guessing this move already. Sheesh!
Markets look weak looking everywhere. I don't know in deep about markets and economics. But my tecnical analyse I know very good. And everywhere I see is weak technicals.
Volumes are weak
Trends are down
Rallys are weak
Dips are strong
Upper wicks are long
Vix are low
So right here I take a short on RTY. And we see how today is to go.
I still be in my gold...
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Just in case anyone missed this pennant forming. Two possible upper trendlines. Im inclined to the red one since rates are going up, but just keep your options open. Small caps ought to deflate IMO, junk that has been propped up hardest by the Fed.
Looks to me like a reversal coming tomorrow when RSI goes oversold. Didn't think it would rally without going oversold first, and I was right...
Needs to go down tomorrow, then we get a reversal.
The distribution is currently underway with SPX breaking it's bear flag to the downside. NAS and the Russell are showing mirrored patterns; NAS is working on saving a right inverse shoulder and Russ challenging the neckline of a H&S
