RUT End Of Week Evaluation*** Comments prior to evaluation summary ***
Orion:4Sight Range for coming week 1444.22 - 1549.25 (Mean: 1496.73)
Orion:4Sight Range for November 1522.70 - 1676.61 (Mean: 1599.66)
Analysis is done based on the attitude and strength (or lack of) set up in the indicators on a weekly chart as of close Friday. Any news released over the weekend or during the follow on week can greatly impact the charts. Under normal world circumstances, I would say that most of the news is already playing into the charts as traders anticipate. However, 2020 is a little more different isn't it? So, what is the news?
Covid cases increase, they say maybe no vaccine until 2021 and world wide distribution until 2022, Europe locks down (Spain, Belgium, France, Germany), Winter sets in, Movie Theaters close, Restaurants and bars close, economy slows. America is getting ready to vote.
2020 by itself could be a Billy Joel song. "We didn't start the pandemic".
This week the RUT moved 109 points, the 21 day average is 77 points.
Trend Analysis:
The current trend is defined by the last price and it's relationship to specific moving averages.
Check the MA strategy for more specific suggestions.
Weekly: The relationship to the primary trend MA is bullish. The price in relationship to the other averages suggest close current positions.
Price Action:
Weekly: The average price range currently is 77.37 points/ticks/pips. Prices are currently .24x the normal trading range. Prices are trading within the mean range for activity. This generally indicates a consolidation of strength/indecision in the market regarding direction.
Prices are currently caught in consolidation between 1432.57 and 1652.05.
While in consolidation the trade range may decrease to 47.586 points/ticks/pips.
Standard Deviation
Weekly: Standard deviation suggests a range from 1607.34 to 1469.62 for the following week.
Calculated Price Strength:
The strength of the trend in conjunction with specific averages.
News announcements can change the strength and directional attitude.
Weekly: Trend strength suggests trading between a range of 1490.67 to 1586.29 for the following week.
Price Projection:
The price action has generated a projection signal for the underlying.
Weekly: Price currently displays (if strength and attitude continue) a desire to move toward 1471.12
If strength and attitude continue, it could take between 1 to 2 trade periods (weeks) to reach the projection.
Indicators Summary.
A collection of technical indicators whose directional attitude has been summarized.
Weekly: Out of the cumulative indicators monitored, 70.00% are bullish, 10.00% are bearish, 20.00% are neutral
The CCI indicator trading strategy suggest the following:
Weekly: Bullish - cover longs.
Confirmation Signal
6 indicators combined to confirm entry/exit.
Weekly Bullish - Close/Cover directional trades, profit taking/trend switch in process.
