Type : Bearish Drop
Resistance : 3948.50
Pivot: 3909.50
Support : 3743.75
Preferred Case: On the H4, with prices moving along the descending trendline, we have a bearish bias that price will drop from the pivot at 3909.50 where the overlap resistance is to the 1st support at 3743.75 where the pullback support and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 3948.50 where the pullback resistance and 61.8% fibonacci projection are.
Fundamentals: Due to Powell's Hawkish Remarks about monetary policy at the annual Jackson Hole Symposium, we have a bearish view on the S&P 500 Index .
Resistance : 3948.50
Pivot: 3909.50
Support : 3743.75
Preferred Case: On the H4, with prices moving along the descending trendline, we have a bearish bias that price will drop from the pivot at 3909.50 where the overlap resistance is to the 1st support at 3743.75 where the pullback support and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 3948.50 where the pullback resistance and 61.8% fibonacci projection are.
Fundamentals: Due to Powell's Hawkish Remarks about monetary policy at the annual Jackson Hole Symposium, we have a bearish view on the S&P 500 Index .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.