Ichimoku Update Spain Stock market Jan 3, 2016
Figure 1 shows the eSignal Monthly Ichimoku chart for the Spain Stock Composite $IBC-MAC. Nothing really has changed from 2 weeks ago in regards to the monthly time frame. Here is what we wrote in the last update.
The sentiment is bullish but it is consolidating between 9061.54 and 11339.97 for a long term basis. Recently, another major resistance has formed at 10624.14 indicating that the resistances are moving lower trying to cause price to reach the support at 9061.54. Price bounced off this lower resistance and slowly moving to the support at 9061.54
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 has a bearish sentiment. The weekly had the same major resistance at 10624.14 as the monthly time frame. Therefore, this resistance was a multiple time frame resistance. The weekly is supporting the monthly time frame to increase the probabilities of reaching the support at 9061.54.
Furthermore, the weekly has established another resistance lower at 10431.14 and now trying to retest the last pivot low. If we look at the closing price of the last pivot low, price is there now at the support. If you look at the low of the pivot low, price still has some downward movement.
Figure 2: eSignal Ichimoku Weekly chart of Spain Stock market
Figure 3 shows the Daily time frame for the Spain stock market. The daily is supporting the weekly/monthly time frame. The daily is in a bearish trend trying to get to the multiple time frame support. In fact, it has a lower major resistance then the higher time frames at 9918.28. As long as we maintain this resistance, the Spain stock market will remain in a bearish trend.
Figure 3: eSignal Ichimoku Daily chart of Spain Stock market
In summary, the Spain Stock market is bearish trying to get to the monthly major support at 9061.54 as long as the resistance at 9918.28 holds. If price ever gets below the monthly cloud, a major bearish trend will be establishing for a long term basis.
Spain Trade Analysis MAP-MAC: Mapfre
As the Spain stock market has been bearish, we have analyzing MAP-MAC in a bearish trade. Figure 4 shows the Daily chart for MAP-MAC, Spain stock. We stated in the previous blog that has long as 2.61 resistance holds, this instrument will be bearish. Now, a lower resistance has formed at 2.45 which is increasing the probabilities of price retesting the lows at 2.26.
Figure 4: eSignal Ichimoku Daily chart of MAP-MAC
Below is Ichimokutrade Heatmap table for all the major stocks in the Spain Stock market (Table 1). The instruments where red is in all time frames are the stocks that are truly bearish. The instruments that have green on the higher time frame are “fighting” the overall stock market bearish trend.
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Figure 1: Ichimokutrade heatmap table for Spain Stock market
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