RTY (Russell 2000 futures) had a bear breakout down, but then an immediate reversal price action on the 4 hour timeframe, bringing the Russell back into the upward channel (redish channel) shown in the video.
Due to the failed breakout, most bears thought they were in a breakout down. But this is a “fakie” or fakeout for them, as they saw price reverse on them, which expedites their need to cover the short, creating quicker pressure for price to rise.
But bulls needs a continuation to verify that busted failed bearish breakout as being the start of a bigger move up. That will should be verified with the close of this week’s candle, which happens today (04 Nov, 2022).
Russell 2000 technical analysis video:
Earning movers and market sentiment:
- The S&P 500 has 61% of its stocks in a bear market, up from 62% a week ago
- Yesterday’s Nasdaq 100 Movers: 42 Rising, 59 Falling
- Yesterday’s S&P 500 Movers: 269 Increasing, 232 Declining
- Despite Strong Earnings Results, PYPL Stock Drops -9.2% in Extended Hours. However, SQ shares are up +13.6% after the release of the latest earnings report.
- TEAM shares are down -21.6% after earnings, the worst drop in over six years.
- NET Stock Drops -14.2% Following Earnings Report
- CVNA shares are down -10.5% after earnings, the worst drop in over two years.
- TWLO price fell -17.2% after earnings, the lowest in almost a year.
- SBUX Price Increases +2.2% in Extended Hours Following Q4 Earnings Beat
- WBD Price Drops -4.2% in Extended Hours Due to Missed Q3 Earnings
- Despite poor earnings results, the price of DASH rises by 9.6% in extended hours.
- In crypto: Despite missing Q3 EPS estimates, COIN stock rose +4.2% after hours.
- JPM is hosting a company event tomorrow.
- Tomorrow is the ex-dividend date for INTC.
- AAPL will go ex-dividend tomorrow.
- META Price is on a downtrend for the seventh consecutive day; it has reached a new five-year low.
- Bullish Sentiment in the SPY from Option Trades
- GOOG shares are trading at their lowest level since last year. GOOG Option Trades Show Bearish Sentiment
- Option Trades Show Bearish Sentiment for TSLA
- Option Trades Show Bearish Sentiment for AAPL
- AMZN Option Trades Show Bullish Sentiment
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