$SPX : Ichimoku Kumo Support

 

For the past few trading days, /ES has been showing signs of consolidation with the price trading within a fairly narrow range.

Today, /ES seems to have shown that the kumo support at around 1390 has hold and the /ES has since bounce off and is trading above the Chikou Span resistance.

However, as /ES is still trading within the kumo, the trend is still not clear. It face resistance at around 1440.

The leading kumo is still trending down; suggesting that the trend is not in place yet.

Looking ahead, the Kijun sen will act as the natural resistance at around 1430. Failure to break at this level will probably see a possible breakdown for /ES around mid-Nov where the kumo support is much thinner.