US2000: Thoughts and Analysis

Today's focus: US2000

Pattern – Descending Triangle Pattern
Support – 1840
Resistance – 1870

Thanks for checking out today’s update. Today, we have run over US2000, breaking down the overall price picture, levels, and patterns and incorporating moving average and RSI into the analysis.

The Russel isn’t a market I normally watch or trade, but the descending triangle pattern did catch my eye today. Overall price sits in a range, but it has broken a trend on the inside and set up a LH. These patterns are normally seen as bearish after a trend break, but support looks rather firm at this stage.

With the FOMC coming up later this week, watch out for a false breakout lower that closes higher. This could set up a higher breakout. If sellers continue to push at support, look for a solid close-through support with a new failed rally that sets a new weekly low.

It’s going to be interesting to see which side gets the win here.

Have a great day and good trading.