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E-mini Russell 2000 Index (TF) Futures Technical Analysis – October 28, 2014 Forecast

By:
James Hyerczyk
Updated: Aug 25, 2015, 03:00 UTC

December E-mini Russell 2000 Index futures showed signs of weakness early in the session on Monday, but made a recovery into the close. If the indices are

Daily December E-mini Russell 2000 Index

December E-mini Russell 2000 Index futures showed signs of weakness early in the session on Monday, but made a recovery into the close. If the indices are getting ready to turn down then the selling is likely to start with the Russell index so watch it closely for a shift in sentiment especially since it is up eleven days from the last bottom.

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

The main range is 1182.20 to 1038.60. The retracement zone formed by this range at 1110.40 to 1127.30 is currently being tested. Last week’s high at 1120.10 fell inside this range, indicating the presence of sellers.

Holding the 50% level at 1110.40 will indicate that buyers are coming in to support the market. If they can create enough upside momentum to take out 1120.10 then look for a drive into 1126.60 to 1127.30.

A breakout and sustained move over the Fibonacci level at 1127.30 will be bullish. This could trigger a further rally into a series of downtrending angles at 1134.50, 1137.80 and 1143.20 over the near-term.

A failure to hold 1110.40 will be a sign of weakness, but don’t expect an acceleration to the downside unless 1104.20 is taken out with conviction. The daily chart opens up under this level with the next potential target an uptrending angle at 1082.60.

The tone of the market today will be determined by the 50% level at 1110.40. 

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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