|Russell Anchor Chart|
The Mini-Russell closed the session on Monday at the lows of the day, and this morning we saw the opening-print at the PLOD of 1061.1 but the sellers were REJECTED going below the PLOD. This is a very bullish clue, suggesting that the closing price on Monday at the lows has now changed its market sentiment to being bullish. We are going to watching closely around this PLOD at 1061.1 to see who grabs control and that will tell us which direction we want to trade today.
The anchor chart on the Mini-Russell is showing us a bearish trend price-channel with the recent highs above at 1086.6 acting as resistance and support zones below us at 1044.4 and 1020.1 acting as profit-targets for our selling-opportunities this morning.
|Russell Set Up Chart|
The set-up chart on the Mini-Russell shows us the same thing as the anchor chart. We see a bearish trend price-channel along with the resistance levels above at 1063.2 and 1066.1 which we will use to sell short within this long-term trend. We can see support levels below us at 1058.5 and 1052.0 which we will use as profit-targets for our selling-opportunities this morning.