Mack’s Mid-Morning ES Price Action Chart 01-16-2024

This report is a little late this morning. We have weather issues that made is very difficult to even get here, then there have been some internet problems as well. Hopefully the Internet stays up long enough this time to get this posted. There may or may not be a YouTube lesson this evening depending on how things continue to go here today.

I am in the South where we just shut down when we have really bad winter weather. The average temperature this time of the year is in the 40s, and we are in the single digits right now with several inches of ice and snow covering everything, including the roads. I know many of you probably laugh at us Southerners with our mild winters compared to many other places in the world, but this is serious stuff for us as we are simply not prepared for it. It happens so rarely that we just close up shop when it does happen. lol I am trying to keep things rolling along as normally as possible, so please be patient with me as I struggle to do so in this artic weather we are getting right now. 🙂

The market opened lower this morning but has already filled the overhead gap on the chart what was left by the lower open at 8:30 AM CST. Where prices go from here will likely tell the tale for the remainder of the day. If prices can push higher and continue to trend, we could see a bullish trend day. If prices can’t push through the overhead resistance around 4815.00, then prices will probably remain range bound or trend lower for a bit at a minimum.

Respect the highs around 4815.00 until we get a better idea of whether it will hold prices back or not. Watch for mixed trading and be careful not to get whipsawed. For now, the trend and bias or up, but that might be changing if the resistance at 4815.00 holds.

I will keep you updated as to the weather and my ability to consistently do my normal thing here due to the weather. I will be out all next week on vacation, so hopefully we can get the rest of the week in here normally. If you are in the South and somewhere that this winter storm has affected, stay warm and be safe if out driving in this weather.