E-mini Russell 2000 Index (TF) Futures Technical Analysis – August 14, 2015 Forecast

September E-mini Russell 2000 Index futures are trading lower shortly before the cash market opening. The main trend is down according to the daily swing chart.

For several weeks, the index has been walking down a downtrending angle. This angle at 1202.80 is controlling the direction of the market. Look for the index to continue to move lower as long as the market remains under this angle.

The next downside target is another downtrending angle at 1190.20. The daily chart opens up under this angle with 1185.20 the next target.

Watch for a possible acceleration to the downside if 1185.20 fails as support because the next target is a steep downtrending angle at 1162.80.

The only way this index will rally today and sustain the move is if the angle at 1202.80 is taken out with better than average volume. If buyers can sustain this move then the primary upside target becomes 1214.00.