This 60 min ichimoku chart of ES paints a very bearish picture:
Notice how even with the overnight rally, price was unable to get anywhere near the cloud and the lagging line (green) showed no sign of getting above price. All this despite the Slow Stochastic getting to overbought.
Price has now fallen back below the turning line (blue), which, by the way, never got above the standard line (red) and the overall picture suggests more downside to come.
Things can change quite quickly, so I'll be keeping a close eye on this.
