Type: Bullish RiseKey Levels:Resistance: 4200.25Pivot: 3824.00Support: 3641.75Preferred Case:On the H4, with price moving in an ascending trend channel and bouncing off the ichimoku cloud , we have a bullish bias that price will continue to rise from the pivot at 3824.00 at the overlap support in line with the 61.8% fibonacci projection to the 1st resistance at 4200.25 at the horizontal swing high in line with the 50%% fibonacci retracement .Alternative Scenario:Alternatively, price may reverse off the pivot and drop to the 1st support at 3641.75 at the horizontal swing low in line with the 61.8% fibonacci projectionFundamentals:U.S. consumer expectations sink to a near-decade low with pessimism about a recession, thus we have a bearish view on the S&P500
Source: Tickmill
