BlueHatInvestor

US Russell 2000 RTY ~ Ping Pong Perpetuity (Daily Chart)

CAPITALCOM:RTY   US Russel 2000
RTY chart mapping/analysis.

Russell 2000 still stuck within trading range despite recent rallies across major US indices.

What's on the chart:
  • Ascending parallel channel (light blue) captures upward trend over multi-decade timeframe
  • Descending parallel channel (white) frames downward trend from upper to lower range (multi-decade) parallel channel
  • Horizontal lines (yellow dashed) locks in trading range (June 2022 to present)
  • Descending trend-line (light blue dotted) highlights pivot support points
  • Fibonnaci levels establishes key supply/demand zones
Short-medium term outlook:
  • Neutral-bearish
  • RTY remains in "Ping Pong Perpetuity" until breakout on either side of trading range
  • 200DMA acting as dynamic resistance, exerting downward pressure
  • Bullish reversal = rally above 200DMA to switch trend & test upper trading range

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