E-mini Russell 2000 Index (TF) Futures Technical Analysis – August 27, 2015 Forecast

September E-mini Russell 2000 Index futures are called better this morning shortly before the cash market opening. Based on the early upside momentum, targets include a minor 50% level at 1148.20, a long-term downtrending angle at 1154.20, and a major 50% level at 1158.30.

Crossing to the strong side of the major 50% level puts the market in a position to challenge a tight price cluster at 1166.30, 1166.80 and 1168.80.

The daily chart opens up over 1168.80. This is a potential trigger point for an acceleration to the upside with the next potential target coming in at 1196.90.

The key number to watch on the downside is a major Fibonacci level at 1126.70. The next target under this price is a steep downtrending angle at 1112.80. Crossing to the weak side of this angle will put the market in an extremely bearish position with downside targets at 1090.80 and 1071.60.

Look for a labored rally from 1148.20 to 1168.80. The market will move from level to level inside this range. The trigger point for a rapid move to the upside is 1168.80.