RUI closes higher for the 3rd day in a row


Russell 1000 Index (RUI) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

RUI dominated by bulls lifting the market higher throughout the day
RUI closes higher for the 3rd day in a row
RUI pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, RUI ended Thursday at 1442.70 gaining $83.87 (6.17%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 1411.20, the index confirmed its breakout through the prior session high after trading up to $34.91 above it intraday.

Daily Candlestick Chart (RUI as at Mar 26, 2020):

Daily technical analysis candlestick chart for Russell 1000 Index (RUI) as at Mar 26, 2020

Thursday's trading range has been $82.79 (6.07%), that's slightly below the last trading month's daily average range of $89.95. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for RUI.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, RUI gained 1.38% on the following trading day.

Though the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Russell 1000. Out of 786 times, RUI closed higher 51.78% 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 64.89% with an average market move of 0.30%.


Market Conditions for RUI as at Mar 26, 2020

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