S&P Midcap 400 Futures (EMD1!), H4 Potential For Bullish Rise

45085 sp midcap 400 futures emd1 h4 potential for bullish rise

Type:

Bullish Rise

Key Levels:

Resistance: 2564.0

Pivot: 2494.8

Support: 2460.9

Preferred Case:

On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 2494.8 where the pullback resistance is. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 2564.0 where the swing high resistance is.

Alternative Scenario:

Alternatively, price could drop to the 1st support at 2460.9 where the pullback support, 61.8% fibonacci projection and 23.6% fibonacci retracement are.

Fundamentals:

Due to fresh worries of global growth and House Speaker Nancy Pelosi’s trip to Taiwan capital, Taipei, we have a bearish view on the Midcap 400 index. We’ll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% and 68% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Written by Desmond Leong

Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.


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