Micro S&P 500 Index Futures(MES1!),H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 4325.00
Pivot: 4200.25
Support : 3950.00
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 from the pivot at 4200.25 where the pullback resistance and 38.2% fibonacci retracement are to the 1st support at 3950.00 where the pullback support, 61.8% fibonacci retracement and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 4325.00 where the swing high resistance, 100% projection and 127.2% fibonacci extension are.
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 : 4325.00
Pivot: 4200.25
Support : 3950.00
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 from the pivot at 4200.25 where the pullback resistance and 38.2% fibonacci retracement are to the 1st support at 3950.00 where the pullback support, 61.8% fibonacci retracement and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 4325.00 where the swing high resistance, 100% projection and 127.2% fibonacci extension are.
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