E-mini Russell 2000 Index (TF) Futures Technical Analysis – June 10, 2014 Forecast

After surging to 1180.40 on Monday, the June E-mini Russell 2000 Index is trading lower in the pre-market session. The rally was essentially stopped by a downtrending angle from the 1208.20 top at 1175.70. This price is resistance today. The next angle to watch is coming down from the 1191.10 top at 1168.10. A break under this angle will be a sign of weakness and make this price new resistance.

The first downside target is a steep uptrending angle from the 1116.00 bottom, moving up at a rate of 8 points per day. This angle is at 1156.00. Additional downside angle targets are 1146.70 and 1136.00.

If a short-term range forms between 1116.00 and 1180.40 then traders should look for a break into the retracement zone at 1148.20 to 1140.60.

The tone of the market is likely to be determined by how investors react to the angle at 1168.10. Taking out this angle with conviction could trigger a 12 point break today.