Happy New Year Everyone
ES March Contract has broken into the daily Ichimoku Cloud structure and we are in for a bumpy ride to start the year which should see the index continue it's journey south.
The index gapped higher at the open of the CME on the evening of January 2nd but quickly retreated from the weekly pivot R1 and the 21 Day EMA levels.
We'll have no clear direction of travel until we exit the cloud structure but short term / intra day it looks lie we are headed for 3810
The MFI Money Flow and 9 Day RSI are declining and not yet oversold. An indication that we have further to go before we see a bearish correction.
I'm sticking with my previous medium term target of 3760
On the upside the 50 Day MA of 3915 and the Fibonacci 0.5 level of the August high to the October low are significant converging levels that should provide short / medium term resistance levels.
See my previous linked posts for more detail.
About me - I'm a qualified Technical Analyst, a member of The Society of Technical Analysts in London and ,I trade my own capital part time. ES1 / SPX is my most traded instrument and I've been trading it for over 20 years. If you find my analysis useful please do hit the like and follow buttons. As a member of the Society of Technical Analysts I am providing market analysis only and NOT financial advice of any kind.
ES March Contract has broken into the daily Ichimoku Cloud structure and we are in for a bumpy ride to start the year which should see the index continue it's journey south.
The index gapped higher at the open of the CME on the evening of January 2nd but quickly retreated from the weekly pivot R1 and the 21 Day EMA levels.
We'll have no clear direction of travel until we exit the cloud structure but short term / intra day it looks lie we are headed for 3810
The MFI Money Flow and 9 Day RSI are declining and not yet oversold. An indication that we have further to go before we see a bearish correction.
I'm sticking with my previous medium term target of 3760
On the upside the 50 Day MA of 3915 and the Fibonacci 0.5 level of the August high to the October low are significant converging levels that should provide short / medium term resistance levels.
See my previous linked posts for more detail.
About me - I'm a qualified Technical Analyst, a member of The Society of Technical Analysts in London and ,I trade my own capital part time. ES1 / SPX is my most traded instrument and I've been trading it for over 20 years. If you find my analysis useful please do hit the like and follow buttons. As a member of the Society of Technical Analysts I am providing market analysis only and NOT financial advice of any kind.
