Type:
Bearish Drop
Key Levels:
Resistance:
4049.00
Pivot:
3914.00
Support:
3757.50
Preferred Case:
Looking at the H4 chart, my overall bias for SPX is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to continue heading towards the support at 3757.50, where the 161.8% Fibonacci line is.
Alternative Scenario:
Price could head back up to retest the pivot at 3914.00, where the previous swing low is.
Fundamentals:
There are no major news.
Source: Tickmill
