Russell 2000 futures look sluggish heading into a week laden with macro risk events. Given the cyclical characteristics of the underlying index, any hint of weakness may amplify U.S. recession fears, increasing the risk of renewed downside for stocks.
Sitting within what resembles a rising wedge and with a possible evening star pattern forming, the risk of a resumption of the broader bearish trend is arguably growing. While bearish momentum has weakened recently, the uptrend in RSI (14) and MACD also appears to be topping out.
A break and close beneath 1917 would generate a setup where bearish positions could be established with a stop above the level for protection. The April 21 low of 1831 screens as a potential target. A break of that would open the door for a run towards the double bottom of 1712 set in early April.
On the topside, a break and close above 1994.8 would invalidate the bearish bias.
Good luck!
DS
Sitting within what resembles a rising wedge and with a possible evening star pattern forming, the risk of a resumption of the broader bearish trend is arguably growing. While bearish momentum has weakened recently, the uptrend in RSI (14) and MACD also appears to be topping out.
A break and close beneath 1917 would generate a setup where bearish positions could be established with a stop above the level for protection. The April 21 low of 1831 screens as a potential target. A break of that would open the door for a run towards the double bottom of 1712 set in early April.
On the topside, a break and close above 1994.8 would invalidate the bearish bias.
Good luck!
DS
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면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.