Daily March E-mini Russell 2000 Index

E-mini Russell 2000 Index (TF) Futures Analysis – February 5, 2013

The March E-mini Russell 2000 Index is called flat-to-higher. Looking at the short-term range of 891.10 to 912.00, the key pivot level to watch is 901.60. This price is controlling the short-term direction of the market.

The main trend is up. A trade through 912.00 is likely to renew interest in the upside while taking out 891.10 will turn the main trend to down. Oversold conditions could put pressure on the index, but this isn’t expected to trigger a long-term correction.

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

An uptrending Gann angle at 871.10 is the first downside target. This is followed by a retracement zone at 867.60 to 857.10. This zone represents value and a test of it will likely attract fresh buyers.

Fundamentally, the March E-mini Russell 2000 should take its cues from the major large-cap indices. While generally not a leader to the upside, a breakdown through support is likely to be a clue that investor sentiment is shifting. 

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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