SPX is facing bearish pressure, potential for further drop

Price is facing bearish pressure from our pivot level, in line with our 50% fibonacci retracement, 78.6% fibonacci extension and horizontal overlap resistance where we could see a further drop below this level to our first support target. Ichimoku cloud and 50 EMA are showing signs of bearish pressure as well, in line with our bearish bias.

Pivot: 3785.4
Supporting Points:
50% fibonacci retracement, 78.6% fibonacci extension and horizontal overlap resistance

1st Support: 3725.1
Supporting Points:
61.8% fibonacci retracement, 100% fibonacci extension and graphical overlap support

1st Resistance: 3826.2
Supporting Points:
161.8% Fibonacci extension
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