Type:
Bearish Drop
Key Levels:
Resistance: 2563.6
Pivot: 2463.6
Support: 2375.5
Preferred Case:
On the H4, with price breaking the ascending trendline and moving below the ichimoku indicator, ,we have a bearish bias that price will drop from pivot at 2463.6 where the pullback resistance is to the 1st support at 2375.5 where the pullback support and 61.8% fibonacci retracement are.
Alternative Scenario:
Alternatively, price could break pivot structure and rise to 1st resistance at 2563.6 in line with overlap resistance, 61.8% fibonacci projection and 61.8% fibonacci retracement .
Fundamentals:
After Fed Chair Powell reiterated that the Fed will tighten policy to bring down inflation , we have a bearish view on the S&P Midcap 400.
Source: Tickmill
