Type : Bearish Drop
Resistance : 4202.00
Pivot: 4077.00
Support : 3952.00
Preferred Case: On the H4, with price breaking out of the ascending channel and moving below the ichimoku indicator, we have a bearish bias that price will drop to pivot at 4077.00 where the pullback support, 127.2% fibonacci extension and 38.2% fibonacci retracement are. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 3952.00 where the pullback support, 61.8% fibonacci retracement and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 4202.00 where the pullback resistance is.
Fundamentals: We have a bearish outlook on the S&P 500 Index due to worries of interest rate increases prior to the central bank's annual Jackson Hole economic conference.
Resistance : 4202.00
Pivot: 4077.00
Support : 3952.00
Preferred Case: On the H4, with price breaking out of the ascending channel and moving below the ichimoku indicator, we have a bearish bias that price will drop to pivot at 4077.00 where the pullback support, 127.2% fibonacci extension and 38.2% fibonacci retracement are. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 3952.00 where the pullback support, 61.8% fibonacci retracement and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 4202.00 where the pullback resistance is.
Fundamentals: We have a bearish outlook on the S&P 500 Index due to worries of interest rate increases prior to the central bank's annual Jackson Hole economic conference.
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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