S&P500 going for a drop? 📉

Hello, good day traders! 👋🤙

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📰Fundamentally,

Stocks fell on Friday, adding to their year-end decline, as concerns about a potential recession rise as a result of the Federal Reserve's ongoing rate hikes.

The indexes experienced losses for the second week in a row. The S&P 500 dropped 2.08% for the week, bringing its losses for December to 5.58% as expectations for a year-end rally faded.

Following the Fed's 50 basis point interest rate increase on Wednesday, the highest rate in 15 years, stocks declined this week. The central bank announced that rates would continue to rise through 2023, reaching 5.1%, higher than anticipated.

🤔On the technical front,

1.) Looking at the H4 chart, my overall bias is bearish with the price below the Ichimoku cloud, indicating a bearish market.

2.) Looking for a potential sell entry at 3907.07 where the 38.2% Fibonacci line is.

3.) Stop loss will be set at 4100.51, where the recent swing high is.

3.) I am looking to take profit at 3636.87 where the 78.6% Fibonacci line is located.

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Sell Entry: 3907.07📈

Take Profit: 3636.87 💲

Stop Loss: 4100.51❌

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