Still Looking for Market to Trade Lower
04/22/2015 7:00 am EST
Christopher Terry, of iMarketsLive.com, shares a video in which he updates his charts for the S&P E-mini Futures and highlights the harmonic pattern that formed on the higher time frame intra-day charts and points out the zone to pay attention to now as a result.
Last week, a harmonic pattern had formed on the higher time frame intra-day charts for the S&P E-mini Futures and traders were looking for the market to trade lower. The market did, in fact, turn lower, but then once again rose back up to the 2090 area, although it did stay below the peak that had formed around the 2106-2106.25 area. By dropping down to a lower time frame, traders can put in some levels to watch for Wednesday, April 22.
Traders should pay attention to any rally to the 2096.50 area. Should the market break through that, the next area to watch is in the 2100 zone. The market structure is still bearish and downside is still in play. All eyes should be on 2087.50 to the downside and then 2078.
By Christopher Terry, Contributor, iMarketsLive.com