Traders will be closely watching these levels in the coming days, weeks and months.
The Russell 1000 Index is showing lower high points below a falling trend line at the 1151 level. In the previous month we saw a huge move up from a support level of 1070. These two levels will be used now as indicators for the direction of the index in the future.
On a monthly chart, this is increasingly looking like a bearish broken top formation, but in order for this to be confirmed, we need a break below 50 SMA (pink line on a Chart 1) 975 level. As long as the Russell 1000 holds above this level, the long term uptrend is not over.
A clear break above 1150 is needed for this to be a continuation wedge, as can be seen in Chart 1. So we have conflicting signals on a monthly chart and a big range. Traders have to watch the indicated levels and to trade a range as long as we don’t see a break above or below.
A look at the daily chart would certainly help range traders to set levels for SL and TP if they decide to trade a range, or if they decide to trade a break. In both cases recently they have great risk to reward setups.
An important level for the upside break is the 1150 level, until it is broken with a clean daily candle for the continuation up and long trade. As long as this level is holding range traders could take short positions with SL above this level.
I would say that traders have a clear picture of this situation, which is near a resolution. If the Russell 1000 Index breaks 1150 points higher decisively then we could see a trend continuation. On the downside, a break of the wedge would be confirmed by going below 1000 points.
Real breaking of this long term rising trend should come if the Russell 1000 Index goes below 975 points. Traders will be closely watching these levels in the coming days, weeks and months, and break of this wedge, either top or a bottom, would be the beginning of a huge move.
The Russell 1000 Index is showing lower high points below a falling trend line at the 1151 level. In the previous month we saw a huge move up from a support level of 1070. These two levels will be used now as indicators for the direction of the index in the future.
On a monthly chart, this is increasingly looking like a bearish broken top formation, but in order for this to be confirmed, we need a break below 50 SMA (pink line on a Chart 1) 975 level. As long as the Russell 1000 holds above this level, the long term uptrend is not over.
A clear break above 1150 is needed for this to be a continuation wedge, as can be seen in Chart 1. So we have conflicting signals on a monthly chart and a big range. Traders have to watch the indicated levels and to trade a range as long as we don’t see a break above or below.
A look at the daily chart would certainly help range traders to set levels for SL and TP if they decide to trade a range, or if they decide to trade a break. In both cases recently they have great risk to reward setups.
An important level for the upside break is the 1150 level, until it is broken with a clean daily candle for the continuation up and long trade. As long as this level is holding range traders could take short positions with SL above this level.
I would say that traders have a clear picture of this situation, which is near a resolution. If the Russell 1000 Index breaks 1150 points higher decisively then we could see a trend continuation. On the downside, a break of the wedge would be confirmed by going below 1000 points.
Real breaking of this long term rising trend should come if the Russell 1000 Index goes below 975 points. Traders will be closely watching these levels in the coming days, weeks and months, and break of this wedge, either top or a bottom, would be the beginning of a huge move.
MSc Aleksandar Ivanovic is Licensed Portfolio manager. He is a financial markets and forex trader for more than 10 years. He is now Chief Strategist and a trader at his company own Quinotaur Ltd and also a founder of web presentation www.forextrening.com.
quinotaur.trading@gmail.com
MSc Aleksandar Ivanovic is Licensed Portfolio manager. He is a financial markets and forex trader for more than 10 years. He is now Chief Strategist and a trader at his company own Quinotaur Ltd and also a founder of web presentation www.forextrening.com.
quinotaur.trading@gmail.com
Devexperts Checks Off Type 2 SOC 2 Audit for Enhanced Data Security
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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