Type:
Bullish Bounce
Key Levels:
Resistance: 4509.00
Pivot: 4304.25
Support: 4204.00
Preferred Case:
On the H4, with price moving above the ichimoku indicator and within an ascending trendline, we have a bullish bias that price will rise to pivot at 4303.25 where the overlap resistance is. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 4509.00 in line with swing high resistance and 161.8% fibonacci extension.
Alternative Scenario:
Alternatively, price could drop to 1st support at 4204.00 where the pullback support, 61.8% fibonacci projection and 23.6% fibonacci retracement are.
Fundamentals:
As the US Consumer Inflation eases, we have a bullish view on S&P 500 Index .
Source: Tickmill
