Type:
Bullish Rise
Key Levels:
Resistance:
4034.50
Pivot:
3900.50
Support:
3804.00
Preferred Case:
Looking at the H4 chart, my overall bias for SPX is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market. If this bullish momentum continues, expect price to continue heading towards the resistance at 4034.50, where the 61.8% Fibonacci line is.
Alternative Scenario:
Price could break the pivot at 3900.50, where the 50% Fibonacci line is before heading towards the support at 3804.00, where the previous low is.
Fundamentals:
There are no major news.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.