Either rty needs to get off the mat or everything else rolls over. Usually everything else rolls over.
RTY has been a proxy of sorts for USD and IR. Small feels the effects of both simultaneously rising before multinationals that have currency cushions and planned/fixed debt structures. Trade On! For fun, you should keep a wandering eye on emerging markets... there is much going on there, all in response to a rising (or at a minimum, bouncing off of lows) USD. Turkey and Argentina just this week that we know of. Of course, if you listen to mainstream, you will never make a connection beyond politics.
Small gap was filled and the uptrend can now continue. Looking to break through this 2680 area on the next push and stay above that.
Yes, Turkey, Argentina, China, Brazil.... I got out of EEM about a month ago after a nice run up. Having said that, if RTY can't rally with the dollar wind (which is way past due for at least a pause, and about to hit some resistance) behind it's back.... ¯\_(ツ)_/¯ 3 of the 4 of the indexes have broken support. For me, that looks bearish for the ES, unless they all take support back. Never an easy task. I'm long, but barely holding on... as soon as ES breaks support I'm out (with a sliver of a loss). I'm reading 2645 as a key spot. If it can hold that, then it'll finally move past the down trend. If it fails, then I'll reevaluate, but it prob won't look good.
I don't trade ES. Never liked it. Reminds me of "Pong" in the 80's, plus, and more importantly, by design is for big institutional money... SP tick is .10, ES tick is .25... a 60% diff. Anyway... Even if we break down, this is not the "big one", more highs to come. So in that way, I am in B1S2's camp. The difference being, when I see opportunities, long or short, I trade, B1S2 would rather go to bed holding (large) drawdowns, AND accepting loss of time and opportunity, both of which are realized, and neither of which can be replaced. Carry On!