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

By:
James Hyerczyk
Updated: Aug 26, 2015, 13:34 UTC

September E-mini Russell 2000 Index futures are trading better after surviving yesterday’s late session sell-off. Momentum may be shifting to the upside,

Daily September E-mini Russell 2000 Index

September E-mini Russell 2000 Index futures are trading better after surviving yesterday’s late session sell-off. Momentum may be shifting to the upside, setting up the market for a potential retracement of is sell-off from 1224.80 to 1071.60.

Daily September E-mini Russell 2000 Index
Daily September E-mini Russell 2000 Index

Earlier in the session, the index found support on a downtrending angle at 1098.80. If this level gets taken out later in the session then look for a potential break into the low for the week at 1071.60. The next target under this is a downtrending angle at 1042.20. This is followed by the October 23, 2014 bottom at 1032.90.

On the upside, the index is currently testing a price cluster at 1126.70 to 1128.80. The downtrending angle at 1128.80 is a potential trigger point for an acceleration to the upside. The first target is the short-term 50% level at 1148.20. This is followed by a resistance cluster at 1158.20 to 1158.30. This is the best upside target.

Additional targets are downtrending angles at 1170.80 and 1176.80. The rally will be labored until it breaks out over 1176.80. This is the best trigger point for an acceleration to the upside with the next major target 1200.80.

Based on the close at 1125.70, the direction of the market will be determined by trader reaction to the downtrending angle at 1128.80. Watch the price action and read the order flow at this level. This will tell us whether the bulls or the bears are in control. 

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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