Here's a 60 min ichimoku chart of ES showing a bullish cross of the turning line (blue) above the standard line (red), with price moving above both and the lagging line (green) above the price line. These bullish crosses occurred below the cloud, so were weak buy signals and price has failed to follow through so far, in particular, failing to get above the cloud.
ES 60 min ichimoku:
It paints a fairly neutral picture at the moment, but looking into the future (26 periods out), the cloud is showing signs of turning negative if the red outline goes below the blue outline.
So, the initial bullish signs from earlier are in danger of failing. I'm watching the lagging line in particular since if it can't get above the cloud, (its struggling to overcome resistance at the standard line currently) it'll be a warning that something may be wrong with any rally that takes place. If it falls below the price line, that's bearish.
