Type:
Bearish Drop

Key Levels:
Resistance: 3948.50
Pivot: 3909.50
Support: 3743.75

Preferred Case:
On the H4, with prices moving along the descending trendline, we have a bearish bias that price will drop from the pivot at 3909.50 where the overlap resistance is to the 1st support at 3743.75 where the pullback support and 61.8% fibonacci projection are.

Alternative Scenario:
Alternatively, price could break pivot structure and rise to 1st resistance at 3948.50 where the pullback resistance and 61.8% fibonacci projection are.

Fundamentals:
Due to Powell’s Hawkish Remarks about monetary policy at the annual Jackson Hole Symposium, we have a bearish view on the S&P 500 Index .