Thursday 13th October 2022: Technical Outlook and Review
Overnight, the price has consolidated under the first resistance line at 3636.87, which is also the 100% Fibonacci line and prior swing bottom. If the negative trend continues, price may move towards the first support line at 3448.80, where the 127.2% Fibonacci line is placed.
Wednesday 12th October 2022: Technical Outlook and Review
Looking at the H4 chart, the current overall bias for S&P500 is bearish. To add confluence to this bias, the price is currently under the Ichimoku cloud which indicates a bearish market. Overnight, the price has continued to consolidate under the 1st resistance line at 3636.87, where the 100% Fibonacci line and previous swing low is located.
Tuesday 11th October 2022: Technical Outlook and Review
Looking at the H4 chart, the current overall bias for S&P500 is bearish. To add confluence to this bias, the price is currently under the Ichimoku cloud which indicates a bearish market.
Monday 10th October 2022: Technical Outlook and Review
The S&P500 is in a strong bearish trend on the H4 chart. In addition, the price is below the ichomoku cloud, indicating a bearish market. Price is currently resting along the first support at 3636.87, which is also the location of the 100% Fibonacci line and the last swing low.
Friday 07th October 2022: Technical Outlook and Review
On the H4, with the price showing a potential reversal from the 1st resistance of 3762, which is in line with the 23.60% fibonacci retracement level and 78.6% fibonacci extension level, we continue to have a bearish bias.
Thursday 06th October 2022: Technical Outlook and Review
On the H4, with the price breaking out of the descending channel and trading higher from 1st support of 3754, which is in line with the 23.60% fibonacci retracement level, we continue to have a bearish bias.
Wednesday 05th October 2022: Technical Outlook and Review
On the H4, with the price trading higher from 1st support of 3642, previous swing low of June 2022 and the interim risk level of 3746.58 which is in line with the 23.60% fibonacci retracement level, we continue to have a bearish bias.
Tuesday 04th October 2022: Technical Outlook and Review
On the H4, with the price trading higher from 1st support of 3637 which is in line with the previous swing low of June 2022 but still within the descending channel and below the ichimoku cloud, we continue to have a bearish bias.
Monday 3rd October 2022: Technical Outlook and Review
On the H4, with the price trading lower from the 1st resistance, within the descending channel and below the ichimoku cloud, we continue to have a bearish bias. Look for a bearish continuation with the 1st support at 3438.96, which is in line with the previous swing low of October 2020, 127.20% fibonacci expansion and 61.8% fibonacci extension level.
