Bearish Continuation

Key Levels:
Resistance: 103.265
Pivot: 102.380
Support: 101.985

Preferred Case:
With price moving below the Ichimoku cloud , we have a bearish bias that price will drop to our 1st support at 101.985 in line with the 100% Fibonacci projection from our pivot at 102.380 in line with the horizontal overlap resistance and 61.8% Fibonacci retracement .

Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance in line with the overlap resistance, -27.20% Fibonacci expansion and 50% Fibonacci retracement .

In the face of strong inflation , Bostic emphasized that two 50-bps raises at forthcoming Fed meetings are still realistic. We have a Mixed-to-Weak Bearish view on the index.