RUI closes within prior day's range after lackluster session


Russell 1000 Index (RUI) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
RUI finds buyers again around 1542.24
RUI stuck within tight trading range
RUI closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

RUI ended Thursday at 1545.83 gaining $3.88 (0.25%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily chart for RUI
Volatility

Thursday's trading range was $6.93 (0.45%), that's below last trading month's daily average range of $11.03. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 1541.56 and 1550.80 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 1541.56. After having been unable to move lower than 1541.56 in the prior session, the market found buyers again around the same price level today at 1542.24.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Buying could speed up should prices move above the close-by swing high at 1550.80 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 1541.56 where further sell stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Russell 1000 Index
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to Swing High TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
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