S&P 500 Futures ( ES1! ), H4 Potential for Bearish Drop
Title: S&P 500 E-mini Futures ( ES1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 4173.25
Pivot: 3913.25
Support: 3751.75
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 possibly head towards the pivot at 3913.25, where the 50% Fibonacci line is.
Alternative scenario: Price could head back up towards the resistance at 4173.25, where the 78.6% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 4173.25
Pivot: 3913.25
Support: 3751.75
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 possibly head towards the pivot at 3913.25, where the 50% Fibonacci line is.
Alternative scenario: Price could head back up towards the resistance at 4173.25, where the 78.6% Fibonacci line is.
Fundamentals: There are no major news.