Russell 2000 Index Futures: Trade Compass – January 17, 2025
Current Price: 2290
The TradeCompass simplifies decision-making by mapping out key bullish and bearish thresholds for the Russell 2000 Index Futures. Today’s analysis highlights the index breaking above the value area high of the last three sessions, suggesting bullish momentum as long as price sustains above 2292.5. Conversely, a move below 2281.3 could signal a bearish shift.
Trade Compass Overview
- Bullish above: 2293
- This level also surpasses the first upper standard deviation of the VWAP from January 15.
- Bearish below: 2281.3
Bullish Targets
- 2300: A psychological round number and an initial profit-taking target.
- 2304.2: Just below the second upper standard deviation of January 15, a significant rally day.
- 2310.5: Close to the value area high from January 6, marking another strong resistance level.
Bearish Targets
- 2275: A key short-term support level.
- 2272: Just above the value area low from January 15.
- 2263.9: Near the lows of January 15 and 16, aligning with a significant point of control from January 7.
Summary and Recommendations
Russell 2000 is leaning bullish after breaking above key levels, with targets at 2300, 2304.2, and 2310.5. On the downside, a break below 2281.3 opens the path to bearish targets at 2275, 2272, and 2263.9. As always, consider partial or full profit-taking at these levels based on your risk management strategy.
Disclaimer: Trade at your own risk, and visit forexlive.com for additional insights. Visit ForexLive.com for additional views.
This article was written by Itai Levitan at www.forexlive.com.
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