E-mini Russell 2000 Index (TF) Futures Technical Analysis – June 28, 2016 Forecast
September E-mini Russell 2000 Index futures are expected to open higher based on the pre-market trade. The index is rebounding after sellers failed to take out yesterday’s low at 1076.70, encouraging shorts to cover their positions.
The main trend is down according to the daily swing chart.
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The main range is 941.40 to 1185.10. Its retracement zone at 1063.25 to 1034.50 remains the primary downside target along with a long-term uptrending angle at 1036.40.
If a short-term range forms between 1178.30 and 1076.70 then its retracement zone at 1127.50 to 1139.50 becomes the primary upside target. A downtrending angle at 1129.10 passes through this zone, making it a valid upside target also. Since the main trend is down, sellers are likely to come in on a test of this zone.
Based on the early trade, look for an upside bias as long as the index holds above 1076.70. A failure to hold this low is likely to fuel an acceleration into at least 1063.25.