E-mini Russell 2000 Index (TF) Futures Technical Analysis – November 13, 2015 Forecast

December E-mini Russell 2000 Index futures are trading lower shortly before the release of the latest U.S. retail sales data at 8:30 a.m. ET. Look for volume to increase and for the range to expand, following the release of the report.

The main trend is up according to the daily swing chart, however, momentum has shifted to the downside. If the selling pressure continues today then look for a break into the long-term uptrending angle at 1139.20.

The main range is 1073.20 to 1201.20. Its retracement zone at 1137.20 to 1122.10 is the primary downside target.

Crossing 1134.90 will change the main trend to down on the swing chart, but traders should watch for a potential technical bounce on the first test of the retracement zone.

The nearest upside target is a steep downtrending angle at 1169.20. This angle has been guiding the market lower since the 1201.20 top on November 9. This price is likely to act like resistance on the first test, however, it is also a trigger point for a breakout with 1185.20 the next likely target.