/ES hit a low of 1927 pre-US trading hours on Tuesday.
By US open, it has rally and consolidated at the 1940 range. Breaking out of the Chikou Span resistance on the Ichimoku 5 minute chart is sufficient for me to go long on /ES
While the long position is established, bear in mind the resistance on the Ichimoku Weekly Chart at 1976.
With the recent rally from 1802, /ES has formed a ‘double bottom’ and a ‘W’ formation has confirmed a possible rally.
As it enter the 1962 region, the thick kumo resistance signifies possible heavy resistance and we may see /ES going into a trading range from 1962 to 1932.
/ES rally may face kumo resistance is expected at 1949.
Immediate resistance at Chikou span at 1939.
Bearish.