E-mini Russell 2000 Index (TF) Futures Technical Analysis – August …
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September E-mini Russell 2000 Index futures consolidated for a fourth day on Wednesday. Unlike the Dow and S&P, this index did not spike to the downside on the Ukraine news. This may mean that the market is getting ready to rally. The number of resistance levels suggests it may take time to develop a strong uptrend and that the rally may be labored. If volume doesn’t increase on the rally then consider it another shorting opportunity.
Daily September E-mini Russell 2000 Index
The best support angle comes in at 1139.00 today. This is followed by the swing bottom at 1103.10 and the next angle at 1109.50. This angle is the last support before the May 15 main bottom at 1080.00.
Crossing to the bullish side of a downtrending angle from the 1161.60 top at 1121.60 will indicate short-covering today. A sustained move over this angle could trigger a rally into a major retracement zone at 1130.00 to 1145.40.
Downtrending angles at 1141.60 and 1151.60 could also stop a rally.
Although the market may be building an upside bias, gains could be limited until resistance angles and swing tops are taken out.
The current consolidating price action suggests impending volatility, but the lack of trader incentive and conviction could prevent a strong rally from gaining traction. It is probably best to trade the long side defensively. Otherwise, wait for the next shorting opportunity.
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E-mini Russell 2000 Index (TF) Futures Technical Analysis – August …
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