E-mini Russell 2000 Index (TF) Futures Technical Analysis – September 26, 2014 Forecast

The December E-mini Russell 2000 Index futures contract took out the last main bottom at 1101.70, putting the market in a position to challenge the August 1 bottom at 1099.70.

Taking out this level with conviction could trigger an acceleration to the downside with 1083.80 to 1080.90 the next two main targets.

Overcoming an uptrending angle at 1109.70 will indicate short-covering. This could trigger a move into a downtrending angle at 1114.20. Overtaking the uptrending angle at 1119.70 will indicate the short-covering is getting more aggressive.

The tone of the market today will be determined by trader reaction to the main bottom at 1099.70. This price will either hold as support or the market will accelerate to the downside after breaking through it.