E-mini Russell 2000 Index (TF) Futures Technical Analysis – July 28, 2016 Forecast

September E-mini Russell 2000 Index futures are trading flat shortly before the cash market opening. The main trend is up according to the daily swing chart. The trend will turn down on a trade through 1194.70. Although the trend is up, it is still vulnerable to a potentially bearish closing price reversal top so make sure you have an exit strategy in case one forms.

Based on the current price at 1215.60, the first upside objective is the uptrending angle at 1222.70. This is followed closely by the August 18, 2015 main top at 1224.80. This is the potential trigger point for a surge to the upside.

A failure to overcome the angle at 1222.70 will indicate the presence of sellers. If they create enough downside momentum then look for a possible break into the next uptrending angle at 1208.70. This is the last potential support angle before the 1194.70 main bottom.

If buyers continue to come in to support the index then look for a possible acceleration to the upside on a sustained move over 1224.80.