RUI runs into sellers again around 1871.12

Russell 1000 Index (RUI) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team


RUI rises to highest close ever
RUI closes above its opening price after recovering from early selling pressure
RUI runs into sellers again around 1871.12
RUI stuck within tight trading range
RUI closes within previous day's range after lackluster session


RUI ended the week 1.69% higher at 1870.83 after gaining $3.79 (0.2%) today ahead of tomorrow's Presidents' Day market holiday. Today's close at 1870.83 marks the highest recorded closing price ever. Trading up to $5.26 lower after the open, the stock index managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (RUI as at Feb 14, 2020):

Daily technical analysis candlestick chart for Russell 1000 Index (RUI) as at Feb 14, 2020

Friday's trading range has been $7.56 (0.4%), that's below the last trading month's daily average range of $15.85. 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. Prices continued to consolidate within a tight trading range between 1859.18 and 1872.83 where it has been caught now for the last three trading days.

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

Prices are trading close to the key technical resistance level at 1872.83 (R1). After having been unable to move above 1872.83 in the previous session, the Russell ran into sellers again around the same price level today, missing to move higher than 1871.12. The last time this happened on January 31st, RUI actually gained 0.81% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might accelerate should prices move above the close-by swing high at 1872.83 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 1859.18 where further sell stops could get activated.

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 434 times, RUI closed higher 56.68% 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 66.36% with an average market move of 0.56%.

Market Conditions for RUI as at Feb 14, 2020

Loading Market Conditions for RUI (Russell 1000 Index)...
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