Russell 2000 EMAs Move Into Bearish Formation On Weekly Timeframe
The below is the weekly chart of the US2000. The orange 13-week EMA is looking to cross below the black 34-week EMA (blue ellipse). This will put the EMAs into a bearish stack. I.e. the green 5-week EMA will be below the orange 13-week EMA, and the orange 13-week EMA will be below the black 34-week EMA. The RSI(9) is already below 50 and indicative of an underlying bearish momentum. However, if the EMAs develop angle and separation it will be regarded as a bearish development. We continue to monitor.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
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Author
Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna
