One thing we know about the Russell 2000 (RTY) futures market is that it loves to consolidate.
It tends to go through long periods of sideways action on the monthly and daily charts that often result in big moves up or down.
Well, the RTY is in one of those consolidation ranges right now.
And while we can’t forecast the next long term move at this time, we are expecting a short term move back to the top of the consolidation range.
Let’s take a look…
Trading the Range
Here’s how the daily chart is shaping up…
The RTY daily time frame is in a consolidation range. The market hit the bottom of the range and had a bullish push.
The market broke and closed above a counter trend line bullish, giving signs a bullish trend could form to the top of the range.
As long as the market stays above the daily support, it will be a good idea to turn to the one hour time frame and to look for low prices in the buy zone towards monthly future resistance at 1,905.
The Bottom Line
There are multiple ways to trade the futures, stock and other markets. We can trade the indexes, both up and down, as well as individual stocks…
But my colleague and stock trading pro Anthony Speciale has made a seismic market discovery that is delivering results like you’ve never seen before.
If you’re interested, check out the important P.S. below…
And before you go, head on over to the Traders Agency YouTube channel for breaking market news, live trading sessions, educational videos and much, much more!
Keep on trading,
P.S. Were you able to join my colleague and expert trader Anthony Speciale for the “Apex Fortunes Summit” last week?
If not, I highly suggest watching the on-demand replay session right here.
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