E-mini Russell 2000 Index (TF) Futures Technical Analysis – November 30, 2015 Forecast

December E-mini Russell 2000 Index futures are trading flat during the pre-market session. The index is also trading inside Friday’s range and on the weak side of a major Fibonacci level and a steep uptrending angle that had been guiding the market higher since the 1130.00 main bottom on November 16. These could be early signs of a shift in momentum and investor sentiment.

Based on Friday’s close at 1200.80, the first level to watch is last week’s high at 1204.80. This is followed by the major Fibonacci level at 1206.00 and the steep uptrending angle at 1210.00. Overtaking this angle will put the index in an extremely strong position.

The inability to overcome the Fib level at 1206.00 will be a sign that sellers are coming. In this case, we’ll have to treat Friday’s close at 1200.80 as today’s pivot.

A sustained move over 1200.80 will also signal the presence of sellers. The first target is Friday’s low at 1193.50. This is a minor level, but it is also a trigger point for a steep break.

If there is an acceleration to the downside then the first target is the major 50% level at 1180.60. This is also the trigger point for an acceleration to the downside with the next major targets 1170.00 and 1167.40.

Look for a bullish tone to develop today on a sustained move over 1206.00 and a bearish tone to develop on a sustained move under 1200.80. Sitting inside this range will indicate trader indecision and impending volatility.