ES1! E Mini S&P500 Monthly Continuous
Updated
Momentum Indicators (Stochastic, MACD, RSI) turning lower from being over sold
Ichimoku (at a glance) Indicator(s) Blue Tenkan line acting as Support/Resistance as ES has consolidated above and below the 4500 area for the past 6-9 months. A break below has support/risk down at the 3500 area marked by the Red Kijun line. The yellow Lagging (26mo) indicator is attracted to previous price action but represents potential current and future price ranges. There is a lot of space for the next that could be filled the next 26 months. The Green cloud is running parallel to current price action and will also offer support going forward.
Consecutive monthly closes above the blue Tenkan line could generate strength enough to make new highs.
Ichimoku (at a glance) Indicator(s) Blue Tenkan line acting as Support/Resistance as ES has consolidated above and below the 4500 area for the past 6-9 months. A break below has support/risk down at the 3500 area marked by the Red Kijun line. The yellow Lagging (26mo) indicator is attracted to previous price action but represents potential current and future price ranges. There is a lot of space for the next that could be filled the next 26 months. The Green cloud is running parallel to current price action and will also offer support going forward.
Consecutive monthly closes above the blue Tenkan line could generate strength enough to make new highs.
Note
edit above: Momentum indicator turning lower from being over bought....Note
Still looks weak
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