S&P 500 E-mini Futures (ES1!), H4 Potential for Bearish Momentum

30 ส.ค. 2022

Type : Bearish Drop
Resistance : 4200.75
Pivot: 4077.50
Intermediate Support: 4007.25
Support : 3948.25

Preferred Case: On the H4, with price moving below the ichimoku indicator, we have a bearish bias that price will drop from pivot at 4077.50 where the pullback resistance, 23.6% fibonacci retracement and 61.8% fibonacci projection are to the 1st support at 3948.25 where the pullback support, 61.8% fibonacci retracement and 161.8% fibonacci extension are. Take note of intermediate support at 4007.25 where the 127.2% fibonacci extension , 100% fibonacci projection and swing low support are.

Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 4200.75 where the overlap resistance, 78.6% fibonacci projection . 61.8% fibonacci retracement are.

Fundamentals: Due to Powell's Hawish Remarks about monetary policy at the annual Jackson Hole Symposium, we have a bearish view on the S&P 500 Index .