E-mini Russell 2000 Index (TF) Futures Technical Analysis – August 25, 2015 Forecast

September E-mini Russell 2000 Index futures are called higher shortly before the cash market opening. The challenge today is to determine whether investors are willing to buy strength on the opening or play for a pullback into support.

The main trend is down according to the daily swing chart. The new minor range is 1224.80 to 1072.60. It is currently testing a downtrending angle at 1144.80 and a minor 50% level at 1148.20. Trader reaction to this area will determine the tone of the market today.

A move through 1148.20 will likely trigger a fast rally into a price cluster at 1158.30 to 1162.20. The next target over 1162.20 is a short-term Fibonacci level at 1166.25. This is followed by another downtrending angle at 1174.80.

The next target over 1174.80 is an angle at 1208.80. This price is a potential trigger point for an acceleration to the upside with 1174.80 the next likely target.

If sellers come in to defend the downtrend at 1144.80 to 1148.20 then look for a possible break into a major Fibonacci level at 1126.70. The market opens up further under this price with the next target 1106.80. This is the last major angle before yesterday’s low at 1071.60.

Look out below if 1071.60 is taken out with conviction. The next target under this price is the October 13, 2014 bottom at 1032.90.

If yesterday’s low at 1071.60 and the pre-market high at 1148.70 forms a range then look for its pivot at 1110.10 to be tested.

Today, buyers are going to have to decide whether to buy strength through 1148.20 or wait for a minimum pullback into at least 1110.10.