Type:
Bullish Rise
Key Levels:
Resistance: 34247
Pivot: 33439
Support: 32608
Preferred Case:
On the H4, with price moving above the ichimoku indicator and along the ascending trendline , we have a bullish bias that price will rise from pivot at 33439 where the 23.6% fibonacci retracement , 61.8% fibonacci projection and pullback support are to 1st resistance at 34247 where the swing high resistance, -27.2% fibonacci expansion and 127.2% fibonacci extension are.
Alternative Scenario:
Alternatively, price could break pivot structure and drop to 1st support at 32608 where the pullback support and 38.2% fibonacci retracement are.
Fundamentals:
Due to fears of aggressive interest rate hikes ahead of the central bank’s annual Jackson Hole economic symposium, we have a bearish view on the Dow Jones Index. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
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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.