Mid Day Chart 8-13-2014

While the bias was down slightly this morning, this looks more like a trading range than anything else right now.  There was a break of the trend line and a retest with a new low, and the market appears to be attempting to reverse and go higher, but for now it is struggling and looks rather sluggish.  That does not mean it can not gain traction and go higher though, it just means be cautious for now and be careful going long into resistance.

Until prices establish something of a trend in one direction or the other, it appears to be a trading range type day ahead.  There was a second entry long that just triggered, so notice how the last bar on the right was backing up a bit after the second entry long triggered.  That was an excellent opportunity to sneak into a long trade (using a buy limit order) with a high probability long entry in which prices should try to push higher on a retest attempt here.

Mack's mid day ES chart evaluation for 8-13-2014.

Mack’s mid day ES chart evaluation for 8-13-2014.