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E-mini Russell 2000 Index (TF) Futures Technical Analysis – August 28, 2015 Forecast

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

September E-mini Russell 2000 Index futures are called lower based on the pre-market trade. The market is having trouble getting through a series of retracement levels. Trader reaction to these levels today should determine the direction of the market. It may also set the direction of the index over the near-term.

Sellers are going to try to stop the short-term rally inside this zone and form a potentially bearish secondary lower top. Buyers are going to try to drive this market through this zone in an effort to continue the move into the main top at 1224.80.

Daily September E-mini Russell 2000 Index

The short-term range is 1224.80 to 1071.60. Its retracement zone is 1148.20 to 1166.30. Inside this zone is a major 50% level at 1158.30 and a downtrending angle at 1160.80. Any of these prices is capable of stopping the index today, but the best resistance is the price cluster at 1158.30 to 1160.80.

Look for a choppy, two-sided trade inside 1148.20 to 1166.30. The trigger point for an upside breakout is the Fib level at 1166.30. A sustained move over this level could trigger a rally into the next resistance angle at 1192.80.

If support fails at 1148.20 then look for a quick break into an uptrending angle at 1135.60. This price is a potential trigger point for a move into the major Fib level at 1126.70. This is also a trigger point with the next target an uptrending angle at 1103.60.

Watch the price action and read the order flow at 1148.20 today. Trader reaction to this level should determine the direction of the market today. Look for a labored rally all the way up to 1166.30. Look for an acceleration to the downside if 1135.60 is taken out with conviction. 

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