On the daily chart, we can
see that the Russell 2000 got rejected from the cycle highs and pulled back.
The buyers will want to see the price breaking higher to increase the bullish
bets into a new all-time high, while the sellers will likely step back in
around the highs if the price gets there.

Russell 2000 Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can
see that we have a downward trendline
defining the current pullback. The sellers will likely keep on leaning on it to
position for new lows, while the buyers will look for a break higher to pile in
for a rally into a new cycle high.

Russell 2000 Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can
see more clearly the recent price action. There’s not much else we can add here
as the sellers will likely lean on the trendline, while the buyers will look
for break higher. The red lines define the average daily range for today.

Upcoming
Catalysts

Today we get the latest US Jobless Claims figures, while tomorrow we conclude
the week with the US PCE report.

This article was written by Giuseppe Dellamotta at www.forexlive.com.