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Russell 2000 Rallies Over 3.5% After CPI Data Release

Written by:

Ezekiel Chew

Last updated on:

July 12, 2024

FTSE 100 on Track for Third Day of Gains

The FTSE 100 is set for its third consecutive day of gains, currently breaking through its May-to-July downtrend line at 8,259, with last week’s high at 8,287 as the next target. Further resistance can be seen at the 8,314 peak from late June.

Potential declines might find support around Thursday’s high of 8,234.

FTSE 100 Daily Chart as of July 12, 2024 (Source: DailyFX)

DAX 40 Advances Towards Key Resistance

The DAX 40 is advancing towards its May-to-July downtrend line at 18,628, with last week’s high at 18,665 as the next level to watch. Minor support is found between the July 1 high at 18,466 and the 55-day simple moving average (SMA) at 18,428.

DAX 40 Daily Chart as of July 12, 2024 (Source: DailyFX)

Russell 2000 Rallies Over 3.5%

The Russell 2000 surged by over 3.5% after Thursday’s US softer-than-expected CPI data, indicating a rotation out of overvalued technology stocks into small caps. The index is approaching its June peak at 2,145, with levels not seen since January 2022, and the next target is the January 2022 peak at 2,291.

Potential pullbacks might find support around the 2,123 May high.

Russell 2000 Daily Chart as of July 12, 2024 (Source: DailyFX)

About Ezekiel Chew​

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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Russell 2000 Rallies Over 3.5% After CPI Data Release

Written by:

Updated:

July 12, 2024

FTSE 100 on Track for Third Day of Gains

The FTSE 100 is set for its third consecutive day of gains, currently breaking through its May-to-July downtrend line at 8,259, with last week’s high at 8,287 as the next target. Further resistance can be seen at the 8,314 peak from late June. Potential declines might find support around Thursday’s high of 8,234.
FTSE 100 Daily Chart as of July 12, 2024 (Source: DailyFX)

DAX 40 Advances Towards Key Resistance

The DAX 40 is advancing towards its May-to-July downtrend line at 18,628, with last week’s high at 18,665 as the next level to watch. Minor support is found between the July 1 high at 18,466 and the 55-day simple moving average (SMA) at 18,428.
DAX 40 Daily Chart as of July 12, 2024 (Source: DailyFX)

Russell 2000 Rallies Over 3.5%

The Russell 2000 surged by over 3.5% after Thursday’s US softer-than-expected CPI data, indicating a rotation out of overvalued technology stocks into small caps. The index is approaching its June peak at 2,145, with levels not seen since January 2022, and the next target is the January 2022 peak at 2,291. Potential pullbacks might find support around the 2,123 May high.
Russell 2000 Daily Chart as of July 12, 2024 (Source: DailyFX)
ezekiel chew asiaforexmentor

About Ezekiel Chew

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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