E-mini Russell 2000 Index (TF) Futures Technical Analysis – October 1, 2014 Forecast

December E-mini Russell 2000 Index futures closed below the August 1 bottom at 1099.70, giving the market a downside bias today. If the momentum continues then look for a break into a pair of bottoms at 1083.80 and 1080.90.

The first downtrending resistance angle comes in at 1097.50 today, followed closely by another angle at 1102.00.

The daily chart opens up over 1102.00 with the next target another angle at 1117.80.

The main trend is down on the daily chart, the close was near the low and below a former main bottom. All of this is giving the market a downside bias today. However, the index is also 8 days down from the 1161.50 top, putting it in the window of time for a closing price reversal bottom.

Traders are likely to press the market early in the session, but could cover quickly if there is no follow-through selling pressure. Regaining the old bottom at 1099.70 will be the first sign of strength, but the real short-covering will begin on a trade through 1102.00.