E-mini Russell 2000 Index (TF) Futures Technical Analysis – November 26, 2015 Forecast
December E-mini Russell 2000 Index futures closed on the bullish side of a slow-moving downtrending angle on Wednesday, putting the index in a position to challenge the November 9 main top at 1201.20. A trade through this level will turn the main trend to up on the daily chart.
Today marks the eighth day up from the 1130.00 bottom on November 16, putting the index in the window of time to post a potentially bearish closing price reversal top. Additionally, the market is nearing a major Fibonacci level at 1206.00.
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On the downside, the key area to watch is a support cluster at 1194.70 to 1194.00. A trade below this zone will indicate the presence of sellers. The next target under this angle comes in at 1188.20.
Volume is expected to be down today because of a U.S. bank holiday. The cash markets are closed and the electronic trading session is expected to see limited activity.
When the markets reopen on Friday, the index will be in a position to test major resistance. Additionally, it will still be in the window of time for a potential rally-killing reversal top.