S&P 500 E-mini Futures (ES1!), H4 Potential for Bearish Momentum
Type : Bearish Momentum
Resistance : 3816.00
Pivot: 3744.75
Support : 3643.75
Preferred Case: On the H4, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will drop to the pivot at 3744.75 where the 78.6% fibonacci projection and swing low support are. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 3643.75 in line with swing low support, 161.8% fibonacci extension and -61.8% fibonacci expansion .
Alternative scenario: Alternatively, price may rise to the 1st resistance at 3816.00 where the overlap resistance is.
Fundamentals: Due to the persistent recession fears, we have a bearish view on the S&P 500 .
Resistance : 3816.00
Pivot: 3744.75
Support : 3643.75
Preferred Case: On the H4, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will drop to the pivot at 3744.75 where the 78.6% fibonacci projection and swing low support are. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 3643.75 in line with swing low support, 161.8% fibonacci extension and -61.8% fibonacci expansion .
Alternative scenario: Alternatively, price may rise to the 1st resistance at 3816.00 where the overlap resistance is.
Fundamentals: Due to the persistent recession fears, we have a bearish view on the S&P 500 .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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