S&P Midcap 400 Futures (EMD1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 2727.9
Pivot: 2612.6
Support : 2564.4
Preferred Case: On the H4, with price moving above the ichimoku indicator and within an ascending channel , we have a bullish bias that price will rise from the pivot at 2612.6 where the pullback support is to the 1st resistance at 2727.9 in line with swing high resistance and -61.8% fibonacci expansion .
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 2564.4 where the pullback support, 50% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: Due to investor optimism that the Federal Reserve can achieve a soft landing for the economy, we have a bullish view for the S&P Midcap 400 index.
Resistance : 2727.9
Pivot: 2612.6
Support : 2564.4
Preferred Case: On the H4, with price moving above the ichimoku indicator and within an ascending channel , we have a bullish bias that price will rise from the pivot at 2612.6 where the pullback support is to the 1st resistance at 2727.9 in line with swing high resistance and -61.8% fibonacci expansion .
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 2564.4 where the pullback support, 50% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: Due to investor optimism that the Federal Reserve can achieve a soft landing for the economy, we have a bullish view for the S&P Midcap 400 index.