E-mini S&P 500 (futures) – Daily: Momentum Indicators (Stochastic, MACD, RSI) Trying to maintain upward momentum, but mostly neutral.
Ichimoku (at a glance) Indicator(s) Blue Tenkan and Red Kijun support at 4435. Cloud support just above at 4456. Yellow Lagging indicator coming up against a previous strong uptrend move. Will that catch current price action for a lift? If not, and price moves lower we will see a change in trend lower with similar indications as mentioned in the weekly chart.
Pitchfork trend is lower. Price action today tested the upper trendline resistance and has since backed off. A break above the red trendline will have resistance above against the dashed trendline (Hagopian) in the 4550-4575 area. If pivots are placed correctly and resistance above holds, there is an 80% chance that price action at least touches the median line on the pitchfork…. A move lower will have me lining up the median line of the pitchfork with identified support from the weekly and monthly charts…. Price above the dashed trend line and the 4631 high could turn bullish..
Ichimoku (at a glance) Indicator(s) Blue Tenkan and Red Kijun support at 4435. Cloud support just above at 4456. Yellow Lagging indicator coming up against a previous strong uptrend move. Will that catch current price action for a lift? If not, and price moves lower we will see a change in trend lower with similar indications as mentioned in the weekly chart.
Pitchfork trend is lower. Price action today tested the upper trendline resistance and has since backed off. A break above the red trendline will have resistance above against the dashed trendline (Hagopian) in the 4550-4575 area. If pivots are placed correctly and resistance above holds, there is an 80% chance that price action at least touches the median line on the pitchfork…. A move lower will have me lining up the median line of the pitchfork with identified support from the weekly and monthly charts…. Price above the dashed trend line and the 4631 high could turn bullish..
