Daily March E-mini Russell 2000 Index

E-mini Russell 2000 Index (TF) Futures Analysis – January 30, 2013

Despite the current uptrend, the March E-mini Russell 2000 index appears to be tiring. This morning it is testing an uptrending Gann angle from the 823.10 bottom. This angle is at 903.10. A trade through this angle should trigger the start of a near-term break.

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

The daily chart indicates that there is plenty of room to the downside. Based on the short-term range of 823.10 to 907.40, the retracement zone at 865.30 to 855.30 is the next likely downside target.

Trading volume could be light today because of the Fed meeting. Activity could pick up in the afternoon. 

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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