Title
SPX500USD H4 | Bearish reaction off 23.6% fibo?

Type
Bearish Reversal

Preference:

Price is reacting off our pivot point at 4399.87, which is a pullback resistance, and at the 23.6% fibo retracement. We can expect price to fall to the 1st support level, which is a multi-swing low support and 78.6% fibo projection.

Alternative scenario:

If price breaks above the pivot point, then price could rise to the 1st resistance at 4457.37, which is an overlap resistance and slightly below the 50% fibo retracement.

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