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E-mini Russell 2000 Index (TF) Futures Technical Analysis – November 26, 2015 Forecast

By:
James Hyerczyk
Published: Nov 26, 2015, 11:45 UTC

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

Daily December E-mini Russell 2000 Index

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.

Daily December E-mini Russell 2000 Index
Daily December E-mini Russell 2000 Index

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.

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. 

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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