E-mini Russell 2000 Index (TF) Futures Technical Analysis – May 2, 2016 Forecast

June E-mini Russell 2000 Index futures are expected to open higher based on the pre-market trade. The index is rebounding after nearly reaching a key 50% level at 1118.90 and a main bottom at 1117.60 on Friday.

The main trend is up according to the daily swing chart. The main trend will turn down on a trade through 1117.60.

The main range is 1083.50 to 1154.40. Its retracement zone is 1118.90 to 1110.50. This is the primary downside target today.

The short-term range is 1154.40 to 1120.10. Its retracement zone at 1137.30 to 1141.30 is the primary upside target.

Based on Friday’s close at 1127.60 and the early price action, the nearest downside target comes in at 1118.90. This is followed closely by the main bottom at 1117.60 and an uptrending angle at 1117.50. Look for a technical bounce on a test of 1117.60 to 1117.50.

The angle at 1117.50 is also the trigger point for an acceleration to the downside with 1110.50 the next likely downside target.

The nearest upside target is a steep downtrending angle at 1138.40. This is followed by the short-term 50% level at 1137.25, the downtrending angle at 1138.40, the short-term Fib level at 1141.30 and another downtrending angle at 1146.40.

Look for volatility today because of the distance between the support and resistance levels. We’ll use Friday’s close at 1127.60 as our pivot.