Mack’s Mid-Morning ES Price Action Chart 04-29-2024

I am back in the office this morning as promised, but I am swamped as you can imagine. It will take me a few days to catch up, but I will be working on it diligently. Please hold any trading questions for a few days while I attempt to catch up.

So far, this looks to be a bit of a range type day. There is a gap on the regular session chart, and if prices are to fill that gap, that target is down at 5131.75, so that would be my first target to the downside should prices push lower out of the range I have drawn on the 2000 Tick chart.

It appears that the selloff continued for a few days longer after I left for my vacation time. Prices did break lower out of the range and once they found a bottom, they seem to be rallying now. If prices are to retest the original highs, we have quite a bit more room to the upside still. Stay flexible and let the price action guide you. For now, the bias appears to be mixed and sideways, but that could change as the day progresses. Look for prices to try and fill that gap, but if they are unable, we could see price rally further to the upside. Looking at the daily chart, prices are testing the midline of the Envelope bands, so that could be a point the rally could stall and turn lower again as well. That does not mean it happens today, but it could simply be an expectation you should watch for overall.

Share on Facebook

Tweet

Follow us

Save