S&P500 decline following strong economic data 📉

Hello, good day traders! 👋🤙

📰Fundamentally,

Stocks decline following strong economic data.

Data indicate a robust labor market and quicker economic growth than previously believed.

The last few weeks have seen choppy stock prices. The market has been affected by the Federal Reserve's announcement that it will keep raising interest rates to combat inflation as well as predictions of a recession in 2023.

🤔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.) Price has tapped into my sell entry at 3869.40 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: 3869.40📈

Take Profit: 3636.87 💲

Stop Loss: 4100.51❌

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