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: 4037.50
Pivot: 3966.50
Support: 3788.50
Preferred case: Looking at the H4 chart, my overall bias for SPX is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. To add confluence to this bias, price has also broken down and out of the ascending channel. If this bearish momentum continues, expect price to continue heading towards the support at 3788.50, where the previous swing low is.
Alternative scenario: Price could head back up to retest the pivot at 3966.50, where the 23.6% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 4037.50
Pivot: 3966.50
Support: 3788.50
Preferred case: Looking at the H4 chart, my overall bias for SPX is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. To add confluence to this bias, price has also broken down and out of the ascending channel. If this bearish momentum continues, expect price to continue heading towards the support at 3788.50, where the previous swing low is.
Alternative scenario: Price could head back up to retest the pivot at 3966.50, where the 23.6% Fibonacci line is.
Fundamentals: There are no major news.