A candlestick pattern on the weekly S&P chart suggest there is more downside to come in the medium-term, according to Andy Dodd, Head of Technical Research at Louis Capital Markets.

Dodd sees no reason to be long following the recent price action that tested – and fell from – the 2120 resistance level, giving rise to a bearish inverted hammer on the weekly chart (see Chart). Moreover, bearish candlestick patterns for April and May have also been posted on the monthly chart .

Read the full report, including an analysis of the following futures markets:

S&P 500
Russell 2000
Dow Jones 30
Dow Jones Transportation Index
NASDAQ 100
EURO STOXX 50
DAX
Crude
Gold