Russell 2000 Technical Analysis – Daily Timeframe
On the daily chart, we can see that the Russell 2000 got rejected from the cycle highs and pulled back. The buyers will want to see the price breaking higher to increase the bullish bets into a new all-time high, while the sellers will likely step back in around the highs if the price gets there.
Russell 2000 Technical Analysis – 4 hour Timeframe
On the 4 hour chart, we can see that we have a downward trendline defining the current pullback. The sellers will likely keep on leaning on it to position for new lows, while the buyers will look for a break higher to pile in for a rally into a new cycle high.
Russell 2000 Technical Analysis – 1 hour Timeframe
On the 1 hour chart, we can see more clearly the recent price action. There’s not much else we can add here as the sellers will likely lean on the trendline, while the buyers will look for break higher. The red lines define the average daily range for today.
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Today we get the latest US Jobless Claims figures, while tomorrow we conclude the week with the US PCE report.
