Market Update Thursday 4/14

April 14, 2011
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The June SP500 Emini futures (full-session) are trading down about 6 points premarket, or about 7 point below fair value. They now are showing a completed 5 wave structure exactly at the wave 5 projection (wave 5 = wave 1), coincident with the significant 38% retracement support level and previous intermediate low (1300.25). The futures traded to 1299.75. They are now at OS levels where recent lows have been formed.  This sets the stage for at least a short term low this morning.

 

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