Worries about the financial stability of the Euro Zone are driving investors out of risky assets and into the safety of the U.S. Dollar. This is putting downside pressure on the June E-mini Russell 2000 Index. With a long-weekend coming up, there seems to be a downside bias developing which could keep the selling pressure on the index throughout the trading session.
The short-term range is 931.60 to 951.30. The pivot price of this range is 941.40. Shortly before the U.S. cash market opening, the June E-mini Russell 2000 Index is trading below this pivot, giving it a downside bias. Selling pressure could mount throughout the session with 936.30 the first target. If this level goes then look for a test of 931.60.
Uptrending Gann angle support is at 931.00. This angle has provided direction since February 26. This angle is important to the long-term structure of the rally. Breaking this angle will put the market in a weak position and could trigger an acceleration down to a major retracement zone at 920.20 to 912.80.