Ichimoku 60m Russell Controlling the Stock market

Ichimoku 60m Russell Controlling the Stock market.   The 60m Russell futures is controlling the market right now.    On June 7, 2016 we published how the markets going higher was controlled by the Russell futures.  Here is the article https://www.ichimokutrade.com/c/futures-2/everyone-talking-about-russell-breaking-out-higher-true-or-false/

The Major resistance held and now we are at at a major support of 1136.25.   If this support is broken, a bearish trend can start on lower time frames which will not be good for the markets.

Below is the 60m chart provided by TDAmeritrade.  It is trapped!   We have day/swing  iMTF, Ichimoku Multiple Time frame resistance at 1145.50 and a higher time frame iMTF at 1136.25.

2016-06-16_russell

We now have to wait and see what happens.   This is going to be the controlling factor.     It will be interesting to see the 60m price action today and also where we close at the market.

 

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About the Author Manesh Patel