Title
SPX500USD H4 | Rising into Pullback Resistance
Type
Bearish Reversal
Preference:
Price is rising towards the pivot point of 5,321.04 which is a pullback resistance that aligns with the 78.6% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 5,255.77 which is an overlap support level.
Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 5,357.70 which is a pullback resistance that aligns with the 127.2% Fibonacci extension 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.