Tuesday 25th October 2022: Technical Outlook and Review
On the H4 chart, the overall bias for S&P500 is bearish. Price has tapped into the 1st resistance at 3811.03 where the 38.2% Fibonacci line is located. With this short term bullish momentum, price could possibly break above the 1st resistance and head towards the 2nd resistance at 4016.04 where the 61.8% Fibonacci line is located.
Friday 21st October 2022: Technical Outlook and Review
Overnight, price has continued it’s bearish momentum downwards with price expected to tap onto the 1st support at 3636.87 where the 78.6% Fibonacci projection line is located.
Thursday 20th October 2022: Technical Outlook and Review
On the H4, price is crossing ichimoku cloud, and Stoch is dropping from the resistance, we have a bearish bias that the price may drop to the 1st support at 18220.96, which is in line with the previous swing lows and if the 1st support is broken, the 2nd support is at 17556.55, where the previous swing low is.
Wednesday 19th October 2022: Technical Outlook and Review
On the H4, price is crossing ichimoku cloud, and Stoch is dropping from the resistance, we have a bearish bias that the price may drop to the 1st support at 18220.96, which is in line with the previous swing lows and if the 1st support is broken, the 2nd support is at 17556.55, where the previous swing low is.
Tuesday 18th October 2022: Technical Outlook and Review
On the H4, price is crossing the ichimoku cloud and descending trendline, and Stoch is rising to test the resistance, we can expect the price to rise to the 1st resistance at 20427.23, where the overlap resistance and 50% fibonacci retracement are.
Monday 17th October 2022: Technical Outlook and Review
On the H4, price is crossing the ichimoku cloud, if the price can break the descending trendline, we can expect the price break the descending trendline and rise to the 1st resistance at 20427.23, where the overlap resistance and 50% fibonacci retracement are.
Friday 14th October 2022: Technical Outlook and Review
Overnight, the price shot back up above the 1st support at 3636.87 where the 100% Fibonacci line and previous low is located due to the release of the US CPI data. If this short term bullish momentum continues, expect price to possibly head towards the 1st resistance at 3910.74 where the 38.2% Fibonacci line is located.
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.
