S&P 500 E-mini Futures ( ES1! ), H4 Potential for Bearish Drop
Title: S&P 500 E-mini Futures ( ES1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 4049.00
Pivot: 3914.00
Support: 3757.50
Preferred case: Looking at the H4 chart, my overall bias for SPX is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to continue heading towards the support at 3757.50, where the 161.8% Fibonacci line is.
Alternative scenario: Price could head back up to retest the pivot at 3914.00, where the previous swing low is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 4049.00
Pivot: 3914.00
Support: 3757.50
Preferred case: Looking at the H4 chart, my overall bias for SPX is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to continue heading towards the support at 3757.50, where the 161.8% Fibonacci line is.
Alternative scenario: Price could head back up to retest the pivot at 3914.00, where the previous swing low is.
Fundamentals: There are no major news.