Daily March E-mini Russell 2000 Index

E-mini Russell 2000 Index (TF) Futures Analysis – February 15, 2013

The March E-mini Russell 2000 index rallied to a new high for the year on Thursday. The surge in prices has put the index in a position to post a solid weekly gain. With a clearly defined uptrend taking place, the only concern for long-traders should be the technical closing price reversal top chart pattern. This will only occur on the daily chart if the market makes a new high and closes lower, or on the weekly chart on close under 912.60.

Daily March E-mini Russell 2000 Index
Daily March E-mini Russell 2000 Index

Another sign of weakness will be the failure of an uptrending Gann angle at 913.10. A move through this level will not change the trend to down, but will indicate that the selling is greater than the buying at current price levels. A break through this level is likely to trigger a break into a retracement zone at 907.50 to 903.50.

Outside influences could control the market today. A sell-off in risky currencies coupled with a rapid rise in the U.S. Dollar could pressure the equity markets. A strong rally in the Japanese Yen could also encourage investors to take a little bit off of the top. 

Published by

James Hyerczyk

James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.

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