E-mini Russell 2000 Index (TF) Futures Technical Analysis – December 3, 2014 Forecast

December E-mini Russell 200 Index futures are trading flat in the overnight session. Tuesday’s close was impressive because it represented a successful defense of the last main bottom at 1148.20. A trade through this level would’ve turned the main trend to down on the daily chart.

The market is currently being controlled by a pair of trading ranges and their respective retracement levels.

The main range is 1148.20 to 1195.80. Its retracement zone is 1170.60 to 1165.30.

The shorter-term range is 1195.80 to 1151.90. Its pivot price is 1173.90.

Look for the index to chop around the 1165.30 to 1173.90 area until enough volume comes in to drive the market through either level.

Today’s opening is expected to be on the strong side of a downtrending angle at 1163.80. The next angle drops in at 1179.80. This will be reached if buyers can take out the 50% level at 1173.90.

Breaking under 1165.30 will be the first sign of weakness. The heavy selling is likely to come in under 1163.80 with 1151.90 and 1148.20 primary targets.

The daily chart opens up to the downside under 1148.20 with 1117.20 a possible near-term target.