E-mini Russell 2000 Index (TF) Futures Technical Analysis – February 11, 2016 Forecast

March E-mini Russell 2000 Index futures are called sharply lower. Today’s early session sell-off into 936.20 reaffirmed the downtrend. Today is the ninth day down from the 1035.80 main top. This puts the market in the window of time to form a potentially bullish closing price reversal bottom.

Based on the current price at 942.10, the nearest resistance angle drops in at 963.80. Look for the downtrend to continue as long as the market remains under this angle. Be prepared for an acceleration to the upside if this angle is overcome with conviction.

On the downside, the nearest target is a long-term downtrending angle at 912.00. This means there is plenty of room to the downside if 936.20 is taken out with conviction.

Crossing to the weak side of the angle at 912.00 will put the index in an extremely bearish positon with the next major target the June 24, 2013 main bottom at 892.40.

Since we’ve already had a lower-low and the index is in the window of time for a closing price reversal bottom then the only pivot price to watch is yesterday’s close at 959.50. Watch the price action and read the order flow if this price is tested on an intraday basis. A close over this price will form a closing price reversal bottom.