Type:
Bearish Drop
Key Levels:
Resistance: 2647.6
Pivot: 2565.0
Support: 2462.0
Preferred Case:
On the H4, with price moving below the ichimoku indicator, we have a bearish bias that price will drop from the pivot at 2565.0 where the pullback resistance and 38.2% fibonacci retracement are to the 1st support at 2462.0 where the pullback support and 38.2% fibonacci retracement are.
Alternative Scenario:
Alternatively, price could break pivot structure and rise to 1st resistance at 2647.6 where the swing high resistance and 78.6% fibonacci projection are.
Fundamentals:
Due to worries about the interest rate increase at the upcoming Jackson Hole economic conference, we have a bearish view on the S&P Midcap 400.
Source: Tickmill
