Type: Bullish BounceKey Levels:Resistance: 3948.5 Pivot: 3862.00Support: 3746.50Preferred Case:On the H4, with price moving in an ascending trendline and moving above the ichimoku cloud, we have a bullish bias that price will rise from the pivot at 3862.00 in line with the pullback support and 100% fibonacci projection to the 1st resistance at 3948.5 at the swing high in line with the 78.6% fibonacci projection and 50% fibonacci retracementAlternative Scenario:Alternatively, price may reverse off the pivot and drop to the 1st support at 3746.50 at the multiple swing low in line with the 61.8% fibonacci projection .Fundamentals:US indexes moved moderately higher with better-than-expected US economic reports on Wednesday. Hence, we have a bullish view on the micro e-mini S&P500 index
Source: Tickmill