Christopher Terry, of iMarketsLive.com, shares a video in which he examines the short-term chart on the S&P E-mini Futures and highlights how the market collapsed under its own weight in the overnight session. In the forex markets, Chris looks at a Gartley pattern that formed and how prices are bullish for upside action.
Looking at the short-term chart on the S&P 500 E-mini Futures, it appears that—in the overnight session—the market literally had collapsed under its own weight. The level to watch as support to buy scalp above 2040 basis June contract and levels to get above scalp longs above are in the 2051 to 2060 zone. Should the market test down and hold, look to be bullish to the buy side.
In the forex markets, Chris reviews the Gartley pattern that has formed in the EUR/USD and how prices are now very bullish for upside action. Since the EUR/USD has been in such a weak market, longs are scalps only for short-term swings...if there is a rally over the coming week, then sells from 1.120-1.1400 Spot FX.
By Christopher Terry, Contributor, iMarketsLive.com
