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E-mini Russell 2000 Index (TF) Futures Technical Analysis – August 6, 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 trading flat shortly before the cash market opening. The market has been range bound all week because investors are waiting for clarity. It is likely to come with the release of Friday’s U.S. Non-Farm Payrolls report.

Daily September E-mini Russell 2000 Index

The main trend is down according to the daily swing chart. The main range is 1274.20 to 1198.70. Its retracement zone is 1236.50 to 1245.40. A downtrending angle also passes through this zone at 1244.20, making it a valid upside target also. This zone has stopped the rally for four consecutive days.

Look for the retracement zone to provide resistance again today. The trigger point for an upside breakout is 1245.40. Taking out this level could trigger a further rally into 1212.70.

The first uptrending Gann angle to watch comes in at 1226.70. Taking it out is likely to trigger a break into a short-term retracement zone at 1220.70 to 1215.50. An uptrending angle forms a potential support cluster with the Fib level at 1215.50. This angle is at 1212.70.

Based on the current price at 1229.20, the direction of the market is likely to be determined by trader reaction to the angle at 1226.70. Look for an upside bias on a sustained move over 1226.70 and a downside bias on a sustained move under 1226.70.

Volume is expected to be below average today so be careful selling weakness and buying strength. 

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