Market Momentum to the Downside
03/11/2015 7:00 am EST
Christopher Terry, of iMarketsLive.com, shares a video in which he looks at the S&P Futures and points out that since the market has found resistance, it has been working lower into a supportive area. Chris also looks at the shark pattern forming in the forex markets.
The S&P 500 key harmonic pattern called the Butterfly Pattern gave a resistance level to watch for in the past few weeks.
The thoughts going forward are for the market to find a time and price support zone and give a retracement back into key resistance levels. As indicated on the charts, this is when traders can expect sellers to once again step in for a much larger leg lower. The market has taken out all key support levels above and they will act as a resistance.
*It is important to note that the Futures Rollover Date is March 12 into the June Contract.
In the forex markets, Chris reviews and draws out a Shark Pattern in the GBP/USD and points out that traders should now watch this level for key support to come in and for prices to turn back to the upside. This level to watch on the upside—if broken—can lead to a very large rally on the 4-hour charts.
By Christopher Terry, Contributor, iMarketsLive.com