RUI pops to highest close since March 4th


Russell 1000 Index (RUI) Technical Analysis Report for May 29, 2020 | by Techniquant Editorial Team

Highlights

RUI rises to highest close since March 4th
RUI closes above its opening price after recovering from early selling pressure
RUI closes within previous day's range

Overview

RUI finished the month 5.05% higher at 1682.75 after gaining $8.73 (0.52%) today. Today's close at 1682.75 marks the highest recorded closing price since March 4th. Trading up to $16.08 lower after the open, the Russell managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Wednesday, RUI actually lost -0.26% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (RUI as at May 29, 2020):

Daily technical analysis candlestick chart for Russell 1000 Index (RUI) as at May 29, 2020

Friday's trading range has been $26.58 (1.59%), that's slightly below the last trading month's daily average range of $28.74. 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.

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

Buying could accelerate should prices move above the nearby swing high at 1695.64 where further buy stops might get triggered. Trading close to March's high at 1732.63 we could see further upside momentum if potential buy stops at the level get activated.

Among the five 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 423 times, RUI closed higher 56.50% 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 65.96% with an average market move of 0.54%.


Market Conditions for RUI as at May 29, 2020

Loading Market Conditions for RUI (Russell 1000 Index)...
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RUI closes within previous day's range

Jul 13, 2020
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