E-mini Russell 2000 Index (TF) Futures Technical Analysis – November 27, 2015 Forecast
December E-mini Russell 2000 Index futures rallied on Thursday during the holiday-shortened electronic session. There wasn’t much volume on the move to 1204.80 as the index took out the previous main top at 1201.20 while falling short of the major Fibonacci level at 1206.00.
Sellers came in early during today’s pre-market session to drive the market through a steep support angle that had guided the market higher since the November 16 main bottom at 1130.00. This will indicate a shift in momentum to down if sellers can sustain the move.
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The daily chart also indicates that there is plenty of room to the downside under the angle. The first major target is the contract’s 50% level at 1180.60.
The direction of the market today is going to be determined by trader reaction to the angle at 1202.00. Trader reaction to this angle will tell us whether the bulls or the bears are in control.
Today is also the ninth day up from the November 16 bottom so today’s session begins with the index in the window of time for a closing price reversal top.