S&P 500 E-MINI FUTURES (ES1!), H4 Potential For Bearish Continuation
Type:
Bearish Momentum
Key Levels:
Resistance: 4293.75
Pivot: 4199.75
Support: 3971.25
Preferred Case:
On the H4, with price entering a bearish pressure area on our MACD indicator, we have a bearish bias that price will drop from the pivot at 4199.75 in line with the swing high to the horizonatal support level at 3971.25 in line with the 61.8% fibonacci projection and 61.8% fibonacci retracement.
Alternative Scenario:
Price may reverse off the pivot and rise to the overlap resistance level at 4293.75
Fundamentals:
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.