Candlestick Quickie: S&P 500

May 13, 2015 02:04 PM

The June E-mini S&P 500 settled below the "mid" from Friday's advance after just settling above on Monday. This weak settlement session on Tuesday, which was also a bearish "hanging man" formation, removes much of the bullish implications of the strong performance last Friday and warns further of weaker prices forthcoming.

Today's session is thus far an additional failure in testing recent highs. The market is quite prone to large moves. The risk appears to be that further weakness will transpire. My confidence level is not as great as I would care for it to be. 

About the Author

Martin McGuire, managing director at TJM Institutional Services