Ichimoku Executive Summary of Spain Stock Market

Ichimoku Executive Summary of Spain Stock Market.   The market is consolidating but in danger of starting a major bearish trend.

Figure 1 shows the eSignal Monthly Ichimoku chart for the Spain Stock Composite $IBC-MAC.   In 2015, the Spain stock market tried to start a bullish trend but failed.  Now, the market is in danger of starting a major trend.    The support at 8479 is controlling the bearish trend.  The major resistance is at 9811.53.

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Figure 1:  eSignal Ichimoku Monthly chart of Spain Stock market 

Figure 2 shows the eSignal Ichimoku Weekly chart for the Spain Stock market.  The weekly time frame is a little higher than the monthly so that has been readjusted to 9184.70 now.

The weekly is a bearish consolidating pattern.   The resistance is 9184.70 and the support is 8479.18.    If the support gets broken, the market will retest the low and can break it to start a bearish trend on monthly time frame.    If the resistance is broken then the market will go through a short term bullish major pull back to the resistance at 9811.53.

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Figure 2:  eSignal Ichimoku Weekly chart of Spain Stock market 

 Figure 3 shows the Daily time frame for the Spain stock market.    The daily time frame is telling the same story as the monthly and weekly time frame.     The daily support matches the weekly and monthly.   However, the resistance for the daily time frame is 8962.05 which is different.

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Figure 3a:  eSignal Ichimoku Daily chart of Spain Stock market 

Below is Ichimokutrade Heatmap table for all the major stocks in the Spain Stock market (Table 1).  Since we are in a consolidation pattern, observe the daily time frame.    There are less green now which means the sentiment on the daily is slowly changing.

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Table 1:  Ichimokutrade heatmap table for Spain Stock market 

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About the Author Manesh Patel