ER2 index TAs and chart (not ER2 future): Bulls are still under firm control (Aroon). Trending up (ADX), MAs are all gone up. CCI (20) has not reached 200 level, MACD has a long way to go cross over. http://tinyurl.com/avo6u
Look at the index charts of ER2 and SPX: SPX daily chart RSI is 73.8 where for Russell it is only up to 66.2 --Also when Russell hit 688.5 in August, RSI was above 70. i.e., this move is stronger and there is more upside left for er2.. it could pause/pullback a little at the previous all time high of 688.5 (index) back in August. Also (as you point out) MACD -- haven't yet turned and they are still pointing upwards. If the mkt goes up Monday as it usually does after Thanksgiving, we could see 699-700 Tuesday morning. Happy Thanksgiving to All !!!
Resistence and support for today: 676 to 669.9 (I mentioned 669.6 as the first pullback target entry price last week in post 240). If it can break 676, then we're looking for 669 as the resistence again. Break 672 on huge volume would take it to 669.9 quickly.
If you trade stocks, might keep an eye on CPN from 0.5 to 0.55, look at its bouncing line, almost approaching to that area: http://tinypic.com/i1jmgp.png
669.9 appears at the bottom of this uptrend channel. Break 669, this uptrend channel will be broken, possible starts a downtrend. Look CCI 50 as the guidance. If CCI50 (orange line) bounces 0 line like it did around Nov 15th's week, (of course provided that 34 EMA is still uptrend for a safety check), then this uptrend resumes. If CCI 50 broke 0 line, this uptrend channel will be broken.