Russell200010.1.21 RTY1! found a bottom, moving higher: Bobby's Homework Assignment. Review the entry strategy.
RTY1!
Market Dashboard - RecapWith NAS and SPX making Lower Lows it time to be on the look-out for RSI Divergences, Volume and a reversal pattern. The prospective i-H&S pattern on NAS was swamped by Russell confirmation of a H&S: as the Vix breaks out a pennant. The game changes Vix +20, in this case resistance is being met with instant selling pressure.
RTY UpdateLooks 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.
ES MFI overboughtMFI way overbought, RSI is not there yet. Typically this leads to a pump and dump Friday, so probably a gap up tomorrow then dump, though the other scenario is Thu afternoon dump followed by an up Friday. We've all seen that before.
All other indices look similar.
RTY UpdateAll other index futures went oversold except RTY MFI as mentioned last night. It actually hit overbought again, lol.
If you're gonna play the bounce, I suggest staying away from small caps. I'm guessing gap up and tank tomorrow for small caps, it's too close to support not to test it.
ES updateWell, I had to take mom to teh airport so I missed all teh fun.
I said yesterday that today would be a pump and dump, only they left out the pump, lol. MFI almost oversold, RSI not there yet. Of course they can do the same thing they did this Monday....
No idea which way the market goes Monday, hoping it goes oversold and I'll buy some calls. Staying cash, there's no play here, too late to do anything.
RTY Daily Range Looking For Long IdeaThe 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 near the
daily support.
Futures Levels | Week Ahead Sept 19 (ES, YM, NQ, RTY, ZN, GC)Yoooo Speculators - let's look at some levels in the futures stock indices following a telegraphed week of selling into last Friday's quad witching.
Overall, the markets have cooperated with our most recent analysis that suggested shorts in the NQ and ZB. Now, I'm gonna go out on a pretty firm limb (you know, since markets never go down), and say that we're probably close to the end of the selling in this cycle.
FOMC policy statement on Wed.
Trade Like You Mean It!
ES UpdateDoesn't show up well on the 3 hr chart because it reversed so sharply but MFI did hit overbought. I mentioned it on my RTY post yesterday and if you look at the RTY1! chart, it clearly goes overbought, so did YM. RSI having trouble holding above 50 like I mentioned earlier this week.
Tomorrow is Ponzi Friday plus quad witching. Expect the gap to close and big whipsaw regardless of which way the market gaps.
Indicators now neutral so hard to say which way this goes tomorrow. Will update only if I see anything. Not feeling very bullish or bearish today at this point.
RTY MFI getting close to overboughtAppears small caps will be the first to hit overbought on MFI. Probably an up day tomorrow either way, but we'll see what happen on quadruple witching Friday.
ALl other indices are in the neutral zone
ES UpdateGap up and drop, gap up and drop, lol.
Still getting sold off every time RSI hits 50, let's see if it does it again tomorrow. I predict a gap up and drop, lol. (I think I'm kidding but I'm not sure)
Note: None of the indices are oversold anymore
ES UpdateAppears market did the pump and dump, big pop pre-market and no follow through.
Once again RSI stalled out at 50, looks to me like ES needs to hit my lower trendline before the next rally. Keep in mind that can happen overnight and reverse.
ES UpdateMFI hit oversold on all index futures, looks like a pump week.....
Unfortunately it happened overnight, looks like I take a hit on the small put position I carried over the weekend
RTY: One Hour time frame BullishThe 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 the
five minute time frame and to look for tunnel
trader long / destination trader long opportunities.
Russell20009.12.21 Russell2000 Strategy......................................................................
ES Pre-Weekend UpdateRSI never made it over 50 and it looks to me like MFI needs to go oversold before we get a bounce.
More than likely hits my bottom trendline or comes close to it like last time. Not sure if the drop happens Mon or Tuesday.
i don;t like to carry a position over the weekend, but I am shorting a few foreign indices.
RTY OversoldES and NQ aren;t quite there yet so a little bit more room down, but I'd expect the market to turn around tomorrow to set up for Ponzi Friday.
ES Update 9/3Indicators neutral but NQ MFI went oversold and RTY MFI went overbought, so sector rotation.
Rotate, counter rotate, Imma getting dizzy, lol.
YM (Dow) also in the middle, no indication of direction
RTY oversold on MFIMFI oversold, small caps green already
Closed out my short positions from yesterday afternoon, not going long though. Might take a 2 day break instead.
NQ is still overbought though so typically a sector rotation when this happens
Tutorial | How To Use RSI To Find Turning Points ... or NOT!Hey Speculators - Happy Friday - welcome to another video tutorial, and thanks again to the @TradingView Editors for featuring my last post, which I've linked here, and is related to the topic on hand for today. That topic is how, and when, to not fight a trend.
I'd suspect many traders are familiar with the Relative Strength Indicator (RSI), used to measure overbought and oversold conditions. In this video, I discuss what I look for when using RSI to filter trade signals and identify when strong is REALLY strong. The inverse would hold true as well (you know, weak, or really WEAK), but we all know markets never go down. :)
RSI Settings for this video
5 Period
Upper 88
Lower 12
RTY +479 Ticks BullishThe RTY one hour time frame is in a large side
ways movement. The market hit the bottom of
the sideways range and broke the short term
down trend line. The market is now in the buy
zone at a high price.
Entry: Counter trend line break bullish in the
buy zone.
STOP: 2085.1
LIMIT: 2325.00
As long as the market stays above the bottom of
the range. It will be a good idea to turn to the
five minute time frame and to look for tunnel
trader long / destination trader long opportunities.
𝗦𝗺𝗮𝗹𝗹-𝗰𝗮𝗽 𝗨𝗽𝗱𝗮𝘁𝗲: $IWM Daily. Macro UpdateMacro picture its a bullish setup unless proven otherwise on a ~210 support (200dma) break. > 235 confirms breakout
$RTY_F $AMC $CROX $SPY $ES_F $QQQ $NQ_F $VIX $TLT $TNX $DXY #Stocks #Trading
