January 10th Support/Resistance and Bull/Bear Case

This weekend I spent some time learning Ichimoku Cloud and Fibonacci retracements and this is the first time applying this to ES futures, so feel free to point out any mistakes.

FOMC price crossed over the Tenkan-Sen (Conversion) last week indicating a possible trend reversal.

Tonight futures opened bouncing off Kijun-Sen (Base) support.
Stoch RSI is oversold on the 1D and would indicate a reversal trend is possible.

Levels & Retracements
4774.50 Weekly VPOC (0.786)
4728.50 - Tenkan-Sen (0.5)
4687 - Monthly VPOC Resistance (0.236)
4650 - Kijun-Sen Support (0)
4616.75 - Cloud Edge Support
4586.50 - 21D-2stdev Support

Bull Case
4650 support holds for a retest of 4687 that opens 4728.50 and a pivot to gap up to 4774.50

Bear Case
Test of 4687 fails along with retest of 4650 that opens lower continuation targets of 4616.75 to 4686.50

If you are interested in the Ichimoku Cloud indicator, I created a small education series of charts to learn each of the indicators.

Bình luận:

Futures broke below Kinjun-Sen in premarket trading.

4616.75 next support on Ichimoku cloud.

Bình luận:

hit next support of Ichimoku Cloud 4616.75.

still not looking very strong, but might get 61.8% retracement ~4646 off this mornings high of 4680