Daily March Russell 2000

E-mini Russell 2000 Index (TF) Futures Analysis – January 14, 2013

Two days of sideways trading action suggests the March E-mini Russell 2000 is poised for a near-term sell-off. Overbought conditions and profit-taking ahead of the debt ceiling debate may be contributing to the overnight weakness.

The chart indicates there is room to the downside. Traders should look for an early test of an uptrending Gann angle at 859.10. Since the main trend is up, expect a technical bounce on the first test.

Daily March Russell 2000
Daily March Russell 2000

Based on the short-term range of 823.10 to 882.50, expectations are for an eventual break into a retracement zone at 852.80 to 845.80. The main trend is not expected to turn down. The breaks should be corrective in nature and set up the next buying opportunities. 

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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