Mack’s Mid-Morning ES Price Action Chart 02-29-2024
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Lately this market has rarely seen two consecutive days of selling, and so far today, the story is similar. There is a large gap on the chart down at 5069.50, so prices may be attempting to fill that gap now. If prices make a higher low and start higher again, we could see a measured leg up. If we are starting a new leg up now starting with the 5085.00 low, that would give us a rather hefty target up around 5126.00. We could still see a lower low than 5085.00, and if so and prices start higher from there, look to move your measured move down to the newer low.
While there is still a bit of an overall bullish bias, that could be changing, and we may see prices fill the gap that lingers below. If so, that likely means more mixed trading and some kind of range as well possibly. We could even see prices start trending lower, so follow the price action and let it show you what it intends to do. For now, the bias is still a bit bullish, just know that things can and probably will change as the day progresses.
