Market Update 4/19 – E-mini S&P 500

The market is currently in a risk off period due to geopolitical events so we expect more pressure to the downside. We have been seeing a series of lower highs along with decreasing momentum on the daily chart of the E-Mini S&P 500 futures and are approaching the bottom of a descending triangle pattern. A break down below the 2320 area would most likely lead to a significant drop down to support in the 2260 area. An aggressive trader could take a short position towards the upper trend line of the triangle allowing for a tight stop loss.