Daily E-mini Russell 2000

E-mini Russell 2000 Index (TF) Futures Analysis – January 17, 2013

Increased demand for higher risk assets is helping  boost small-cap stocks. Although the range has been narrow, the March E-mini Russell 2000 futures contract is called slightly better based on the overnight trade.

Daily E-mini Russell 2000
Daily E-mini Russell 2000

Shortly before the cash market opening, the Russell 2000 is poised to challenge the multi-year high made earlier in the week at 883.50. A move through this level is likely to trigger a sharp rally if there is volume behind it. Since the move will be based on momentum, there is no target at this time.

On the downside, uptrending Gann angle support is at 871.10. A break through this level will conviction should trigger the start of a meaningful correction. The next likely downside target is a retracement zone at 853.30 to 847.20. 

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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