E-mini Russell 2000 Index (TF) Futures Technical Analysis – August 17, 2015 Forecast
September E-mini Russell 2000 Index futures are trading flat shortly before the cash market opening.
The main trend is down according to the daily swing chart. The main range is 1242.80 to 1185.20. Its retracement zone at 1214.00 to 1220.80 is the primary upside target. Trader reaction to this zone will determine the near-term direction of the market. Buyers will either come in strong and drive the market through this zone, or sellers will come in and form a secondary lower top.
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The first target is the 50% level at 1214.00. Overtaking this level could trigger an acceleration into the resistance cluster at 1220.80. This is the best upside target, but it is also a potential trigger point for an upside breakout.
The next target over 1220.80 is a long-term downtrending angle at 1230.20.
During the pre-market session, the index straddled an uptrending angle at 1209.20. A sustained move over this angle will signal the presence of buyers.
Falling below 1209.20 will be a sign of weakness. This could trigger a steep drop into the nearest support angle at 1197.20. This is followed by uptrending angles at 1191.20 and 1188.20. The latter is the last potential support before the 1185.20 main bottom.
Look for a bearish tone to develop on a sustained move under 1209.20 and a bullish tone to develop on a sustained move over 1214.00.