SP500 MF-H4-IN ROUTE FOR LOWER LEVELS ! E-MINI S&P 500 FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT) CME_MINI:ES1! Ironman8848 4 HOURS (H4) Two successive failure attempts to breakout the clouds resistance triggered a reversal move from its recent top @ 4'739.50 towards a low so far of 4'606.75, filling in its way both the 61.8% Fibonacci retracement (4'572.75-4'739.50)@ 4'636.50 and the 78.6% Fib ret @ 4608.50 Global picture in this time frame does not look very encouraging as currently the SP 500 is below : 1) The clouds 2) The Mid Bollinger Band 3) The Tenkan-Sen 4) The Kijun-Sen and last but not least a Chikou-Span or Lagging line converging to the South as well... RSI is @ 37.66 Last candle which closed a few minutes ago triggered an hammer pattern, watch next ongoing candle to validate or invalidate this pattern on a H4 closing basis ! 1 HOUR (H1) Short term recovery only triggered by a long white candle which just closed below the Mid Bollinger band resistance level . Watch ongoing candle for getting more clues about short term picture. DAILY (D1) Under the influence of a major double top formation (trigger @ 4'500), coupled with a DOJI top and a bearish divergence !!! In an ongoing downtrend price action and below the MBB , TS and KS . Next support zone to watch at very carefully is the daily clouds support zone which is currently between 4'633 and 4'500 and which should be seen as a key pivot zone for further development. Indeed, a failure to : 1) stay and hold above the top of the clouds would be seen as the first warning signal, calling for further downside 2) A breakout of the bottom line of the former uptrend channel currently @ 4'566 (roughly the middle of the clouds too !) would also add more value for a downtrend continuation. A breakout of 4'500 on a daily closing basis would : 1) confirm the double top formation in progress ---> target 4'200 2) also confirm the breakout of the daily clouds bottom area WEEKLY : The ongoing weekly closing level, later on today, would add more indication for the next week... As a gentle reminder, the Mid Bollinger Band is currently @ 4'572 and a weekly closing below this level would be very negative for the upcoming week (s). Second important support to look at is the weekly Kijun-Sen, @ 4'516 should be seen as the LAST VERY IMPORTANT LEVEL IN THIS WEEKLY TIME FRAME !!! A failure to hold above 4'516 on a weekly closing basis would put the focus on 4'186.50, weekly clouds top and also 23.6% Fib retracement of the big rally from 2'174 towards the ATH @ 4'808.25 Ironman8848 & Jean-Pierre Burki