E-mini Russell 2000 Index (TF) Futures Technical Analysis – January 28, 2015 Forecast

March E-mini Russell 2000 Index futures are trading higher shortly before the cash market opening. The reason for the strength in the Russell is the lack of exposure to global economies and the surging U.S. Dollar. Most Russell index stocks are more sensitive to the domestic economy. Since the U.S. economy is strong, this is translating into more demand for the index.

The main trend is up on the daily chart. A sustained move over the downtrending angle at 1199.20 will be the first sign of strength. Overcoming the steep uptrending angle at 1203.40 will mean the buying is increasing.

The next resistance angle drops in at 1209.70. This is the last potential resistance before the 1220.20 main top.

If buyers can’t sustain a move over 1199.20 then look for a break back into another steep uptrending angle at 1187.60. The daily chart opens up under this price with a major pivot at 1174.20 another potential target.

The tone of the market today will be determined by trader reaction to 1199.20.