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E-mini Russell 2000 Index (TF) Futures Technical Analysis – October 21, 2014 Forecast

By:
James Hyerczyk
Updated: Aug 25, 2015, 02:00 UTC

The strong close by the December E-mini Russell 2000 Index has put the futures contract in a positon to change the main trend to up by taking out 1101.20.

Daily December E-mini Russell 2000 Index

The strong close by the December E-mini Russell 2000 Index has put the futures contract in a positon to change the main trend to up by taking out 1101.20. This could trigger enough upside momentum to challenge another main top at 1106.50 and a major 50% level at 1110.40.

Daily December E-mini Russell 2000 Index
Daily December E-mini Russell 2000 Index

The strongest resistance today is a cluster of downtrending angles from former tops at 1116.20, 1117.50 and 1117.80. This area is likely to stop a rally today.

On the downside, the nearest support is an uptrending angle at 1086.60, followed by 1062.60.

The tone of the market today will be determined by trader reaction to the main top at 1101.20. If this price is taken out, it must be accompanied by better than average volume or the breakout will fail. 

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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