E-mini Russell 2000 Index (TF) Futures Technical Analysis – June 9, 2016 Forecast

June E-mini Russell 2000 Index futures are expected to open lower based on the pre-market trade. The main trend is up according to the daily swing chart, however, momentum appears to be getting ready to shift to the downside.

The short-term range is 1153.40 to 1190.30. Its retracement zone at 1171.80 to 1167.50 is the primary downside target. Since the main trend is up, we could see a technical bounce on the first test of this zone.

The daily chart will open up to the downside if the Fibonacci level at 1167.50 fails as support. This could create enough downside momentum to challenge the minor bottom at 1153.40. This is a trigger point for an acceleration to the downside since the next target angle comes in at 1138.70.

Based on the current price at 1183.70, the nearest upside targets are yesterday’s high at 1190.30 and a steep uptrending angle at 1194.70. In order to regain the momentum that had been driving the market since the May 19 bottom, the index will have to overcome 1194.70. If it does then the December 1, 2015 main top will be an easy target.