Type : Bullish Rise
Resistance : 2727.9
Pivot: 2612.6
Support : 2564.4
Preferred Case: On the H4, with price moving above the ichimoku indicator and within an ascending channel , we have a bullish bias that price will rise to the pivot at 2612.6 where the pullback resistance is. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 2727.9 where the swing high resistance and -61.8% fibonacci expansion are.
Alternative scenario: Alternatively, price could drop to 1st support at 2564.4 where the pullback support, 23.6% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: Due to investor optimism that the Federal Reserve can achieve a soft landing for the economy, we have a bullish view for the S&P Midcap 400 index.
Resistance : 2727.9
Pivot: 2612.6
Support : 2564.4
Preferred Case: On the H4, with price moving above the ichimoku indicator and within an ascending channel , we have a bullish bias that price will rise to the pivot at 2612.6 where the pullback resistance is. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 2727.9 where the swing high resistance and -61.8% fibonacci expansion are.
Alternative scenario: Alternatively, price could drop to 1st support at 2564.4 where the pullback support, 23.6% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: Due to investor optimism that the Federal Reserve can achieve a soft landing for the economy, we have a bullish view for the S&P Midcap 400 index.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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