/ES Multi-Timeframe Look
Weekly: Sitting on trendline, kind of in no-man's land in between the tenkan and kijun-sen as well as 10wk and 30wk ma's. Both the RSI and MACD are showing negative divergences.
Daily: Currently below the 50dma with the tenkan-sen below the kijun-sen (bearish). Senkou is also below prior price as well as the prior 50dma. We look to currently be flagging right at cloud support.
4-Hour: Downtrending in this timeframe. We managed to test our downtrend line yesterday with a higher volume rejection. The cloud should also act as resistance.
1-Hour: Showing a pattern I've traded with very consistent reliability. A broadening triangle w/ either horizontal support or resistance. This looks to be setting up for a move lower.
IMO it's not going to take much to take this market down. We are sitting at crucial areas and without a significant rally commencing immediately, we should see more downside. The first important level will be 1596. Below that, there should be decent support at the 1530-1540 area.
