Type: Bearish MomentumKey Levels:Resistance: 4091.00Pivot: 3998.25Support: 3738.00Preferred Case:On the H4, with price moving in a descending trendline and RSI also showing a descending trendline, we have a bearish bias that price will continue to drop from the pivot at 3998.25 at the swing high in line with the 61.8% fibonacci retracement to the 1st support at 3738.00 at the multiple siwng lows.Alternative Scenario:Alternatively, price may rise above the support structure at the pivot and rise to the 1st resistance at 4091.00 at the overlap resistance in line with the 78.6% fibonacci retracement.Fundamentals:US indexes moved moderately higher with better-than-expected US economic reports. Hence, we have a bullish view on the micro e-mini S&P500 index.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/micro-e-mini-s-and-p500-index-futures-mes1-h4-potential-for-bearish-drop26"
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