RUI runs into sellers again around 1611.09
Russell 1000 Index (RUI) Technical Analysis Report for Apr 22, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, RUI ended Monday at 1610.27 gaining $1.34 (0.08%). Trading up to $4.28 lower after the open, Russell 1000 managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (RUI as at Apr 22, 2019):
Monday's trading range has been $6.96 (0.43%), that's below the last trading month's daily average range of $10.58. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for RUI.
After having been unable to move above 1610.60 in the previous session, the index ran into sellers again around the same price level today, failing to move higher than 1611.09. The last time this happened on April 17th, RUI actually gained 0.15% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 1617.22 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 1601.40 where further sell stops could get activated. 2018's high at 1629.73 is within reach and we might see further upside momentum should the market manage to break out beyond.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Russell 1000. Out of 435 times, RUI closed higher 56.32% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 65.52% with an average market move of 0.57%.