Pre-Market Analysis (ER2) 8/27

Performance of Major Indices

Econ Data To Be Released Today

ER2 Daily

I don't know if something's wrong with my eyes, I keep seeing ER2 going up for today, even though it's been in the red for the past few hours.

These are what I see on my chart:

• A key support from June 12 (at around 719.6) which subsequently became resistance
• A head and shoulder that's forming, and the spinning top from yesterday's session could possibly be where the right shoulder starts to form
• And, of course, a spinning top (considering that we're actually still in a downward move from the top that was formed on Aug 15, a spinning top should at least stop ER2 from going down further)
• An upward trendline (in green) which was broken, yet the bears are still not in control (sideway move for the past 5 sessions!)
• ER2 closing above 200MA again!
  

Hence, I can't help but feel bullish about ER2 today. It looks like it wants to test resistance (trend line in green)....

Haven't really taken a look at DOW and S&P or RUT for today, but given that RUT had shown relative strength over the other indices for most part of yesterday's session (totally resilient and stubbornly refused to turn red when all the others were in negative region prior to release of FOMC minutes), my thinking is that RUT is going to be strong today, and the other indices are likely to close up too.