/ES Support : 1170 region

It wasn’t that long ago that /ES consolidated around the 1170 region before breaking out.

Currently, on /ES we can observe the following :

1. Kijun sen (trend line) flattening; suggesting consolidation

2. Tenkan sen cuts Kijun sen downwards with kumo support below; suggest price retracement and a possible bounce.

At this moment, we do not have a confirmation of a strong bearish move yet. However, we do need to see a bounce off the 1170 region and a move beyond 1200 to confirm that the bullish move is intact.

By iam802

Trend trading with Ichimoku