Micro S&P 500 Index Futures(MES1!),H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 4325.00
Pivot: 4200.25
Support : 3950.00
Preferred Case: On the H4, with price breaking out of the ascending channel and moving below the ichimoku indicator, we have a bearish bias that price will drop from the pivot at 4200.25 where the pullback resistance and 38.2% fibonacci retracement are to the 1st support at 3950.00 where the pullback support, 61.8% fibonacci retracement and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 4325.00 where the swing high resistance, 100% projection and 127.2% fibonacci extension are.
Fundamentals: We have a bearish outlook on the S&P 500 Index due to worries of interest rate increases prior to the central bank's annual Jackson Hole economic conference.
Resistance : 4325.00
Pivot: 4200.25
Support : 3950.00
Preferred Case: On the H4, with price breaking out of the ascending channel and moving below the ichimoku indicator, we have a bearish bias that price will drop from the pivot at 4200.25 where the pullback resistance and 38.2% fibonacci retracement are to the 1st support at 3950.00 where the pullback support, 61.8% fibonacci retracement and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 4325.00 where the swing high resistance, 100% projection and 127.2% fibonacci extension are.
Fundamentals: We have a bearish outlook on the S&P 500 Index due to worries of interest rate increases prior to the central bank's annual Jackson Hole economic conference.