Will the market experience a recovery?Microsoft CorporationBATS:MSFTBatsman-EdwardThe first pattern on today’s chart is the pair of highs around $555 in July and August. Selling followed, which may confirm a bearish double-top reversal pattern. Second, the software company bounced in April but remained below its falling 100-day simple moving average. That could suggest a longer-term downtrend has begun. Third, prices have squeezed into a narrow range in the last two weeks. Bollinger Band Width has also narrowed. Could that tightness give way to movement? Speaking of Bollinger Band Width, consider the declines that followed similar moments of tightness in early January and mid-March. (See the white arrows.) Fourth, prices are slipping under the 21-day exponential moving average. MACD is also turning lower. Those signals could reflect short-term weakness. Next, the software giant has remained below its January 21 low of $438.68. Such price action could suggest resistance has formed at a lower level. Finally, MSFT is an active underlier in the options market. (Its average daily volume of 545,500 contracts ranks ninth in the S&P 500, according to TradeStation data.) That could help traders take positions with calls and puts.