Type:
Bearish Continuation
Key Levels:
Resistance: 14602
Pivot: 14034
Support: 13834
Preferred Case:
With price expected to bounce off the stochastics, we may see a rise from our pivot of 14034 in line with the horizontal swing low support and 61.8% Fibonacci projection to 1st resistance of 14602 in line with the 50% Fibonacci retracement level and horizontal overlap resistance.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for our 1st support at 13834 in line with the horizontal swing low support.
Fundamentals:
Stock futures continue to be under heavy pressure with impending rate hikes and developing tensions between Ukraine and Russia . With technicals and fundamentals aligning , market sentiments continue to be weakly bearish.
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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.