Title
SPX500USD H4 | Potential Bullish Bounce
Type
Bullish Bounce
Preference:
Price could fall towards the pivot point of 5,321.11 which is an overlap support level and potentially reverse from here; we could see momentum carry price up to its 1st resistance at 5,392.64 which is a resistance that aligns with the 127.2% Fibonacci extension level.
Alternative scenario:
If price breaks below the pivot point, it could hit the 1st support at 5,247.72 which is a pullback support that sits under the 61.8% Fibonacci retracement level.
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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.