Daily June E-mini Russell 2000 Index

E-mini Russell 2000 Index (TF) Futures Analysis – March 26, 2013

The June E-mini Russell 2000 Index is trading better overnight. A general calm in the Forex markets is helping to generate a little buying interest. Investors will continue to watch the action in the Euro to get a gauge on the situation in Cyprus.

Fundamentally, investors will be focusing on today’s S&P Case/Shiller Home Price Index, the Commerce Department’s New Home Sales report and the Conference Board’s Consumer Confidence number. Investors want to continue to see a strengthening economy.

Daily June E-mini Russell 2000 Index
Daily June E-mini Russell 2000 Index

The S&P Case/Shiller Home Price Index is expected to show an increase of 0.9%. The New Home Sales report is forecast to show an increase to 420,000 units. Finally, the Conference Board is expected to show that consumer confidence fell from 69.6 to 68.0.

Technically, the main trend is up. The main trend turns down when 931.60 is violated. On Monday, the index reaffirmed the uptrend when it took out 951.00. The failure at 951.30 indicates a lack of buying interest.

The short-term range is 931.60 to 951.30. The pivot price of this range is 941.40. This price is controlling the near-term direction of the market. Holding above it keeps the index in a position to challenge the 951.30 high. Falling below could draw the attention of short-sellers. 

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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