Type:
Bearish Drop

Key Levels:
Resistance: 4078.75
Pivot: 3944.00
Support: 3725.25

Preferred Case:
On the H4, with prices breaking out of the ascending channel and moving below the ichimoku indicator, we have a bearish bias that price will drop from the pivot at 3944.00 where the pullback resistance is to the 1st support at 3725.25 where the swing low support is.

Alternative Scenario:
Alternatively, price could break pivot structure and rise to 1st resistance at 4078.75 where the pullback resistance and 61.8% fibonacci projection are. Fundamentals: Due to Powell’s Hawish Remarks about monetary policy at the annual Jackson Hole Symposium, we have a bearish view on the S&P 500 Index .

Fundamentals:
No major news