Category Russell 2000

Trading Ichimoku Trend Table : June 2

Here’s my reading of the various indices based on Ichimoku

Trend DOW Jones (DJIA) S&P 500 (SPX) NASDAQ (COMPQ) Russell 2000 (RUT)
Long Term (Kumo) Down Down Down Down
Intermediate (Kijun Sen) Down Down Down Down
Short Term (Tenkan Sen) Up Up Up Up

Notes:

1. If price level is above kumo, it is considered UP or bullish and vice versa.

2. If price level is above Kijun sen (the trend line), it is considered UP or bullish and vice versa

3. If price level is above Tenkan sen, it is considered UP or bullish and vice versa.

Russell 2000 (RUT) : Kumo supporting the RUT

Look at how the RUT is being supported by the kumo for the last 2 sessions.

We should see some resistance at around 702 and 710

If it retrace and continue to be supported at 680, the bullish trend is in tact for RUT.

Russell 2000 (RUT) : Critical Kumo Support

Compared to the SPX, RUT’s bearish Tenkan sen – Kijun sen cross comes later.

RUT is currently trading within the kumo with a support level at around 640.

And this will be the first level it will test. Noticed how Thursday’s system drop tested this level and rebound.

If RUT, breaks 640, we are targetting 590 next.

Noticed how the leading kumo has starts to twist and if it does breaks support, the leading kumo will shows the change in trend as well.