Mack’s Mid-Morning ES Price Action Chart 05-21-2024
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It looks to be another low volume day with prices mostly rangebound. Prices opened lower so there was a gap on the regular session chart, but that was filled in the last 15 minutes, so prices could possible turn down again now. While prices are still trading inside the overnight highs and lows, there is an uptrend going on as I am typing this up.
Prices are attempting a second try to push through the closing prices from yesterday. If price can do that, the next target to the upside will be the overnight highs. If prices turn lower then, they could attempt to test the lows and if those don’t hold, a possible trend down could be in the cards. Right now, the trend and bias are up, although this could still end up as a range day. We will not know if prices are going higher until we see the outcome of a test of the overnight highs.
Stay with the uptrend for now but respect the overnight highs and do not get long into that price level without waiting to see if prices can push higher first. No matter how the day plays out, expect some tight congestion and tight ranges at times, and trade those areas very carefully following the rules.
