Mack’s Mid-Morning ES Price Action Chart
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Prices have been mostly rangebound overnight and into the regular session opening but turned down after the 9 AM CST PMI news. That news appears to have pushed the market lower and well below the overnight lows. Prices are likely attempting a measured move down based on the width of that range, and that target would be 5502.50. Prices may or may not reach that target, but that is the near-term target to the downside for now.
Overall, the market is sideways to slightly down, although this push lower may see a rebound that takes the market higher again. Expect mixed trading no matter the outcome. For now, I would say the bias is still mildly down to sideways, although that might be changing. If this remains a range day, the bias will likely flip from short to long and long to short multiple times. A failed break lower like this can often lead to a reversal rally as well, so that’s a possibility too.
