Type : Bearish Drop
Resistance : 3948.50
Pivot: 3909.50
Support : 3743.75
Preferred Case: On the H4, with prices moving along the descending trendline, we have a bearish bias that price will drop from the pivot at 3909.50 where the overlap resistance is to the 1st support at 3743.75 where the pullback support and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 3948.50 where the pullback resistance and 61.8% fibonacci projection are.
Fundamentals: Due to Powell's Hawkish Remarks about monetary policy at the annual Jackson Hole Symposium, we have a bearish view on the S&P 500 Index .
Resistance : 3948.50
Pivot: 3909.50
Support : 3743.75
Preferred Case: On the H4, with prices moving along the descending trendline, we have a bearish bias that price will drop from the pivot at 3909.50 where the overlap resistance is to the 1st support at 3743.75 where the pullback support and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 3948.50 where the pullback resistance and 61.8% fibonacci projection are.
Fundamentals: Due to Powell's Hawkish Remarks about monetary policy at the annual Jackson Hole Symposium, we have a bearish view on the S&P 500 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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