Mack’s Mid-Morning ES Price Action Chart 07-17-2024
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Prices are trending lower this morning and I see a spike and channel down at the moment. Prices sold off strongly during the overnight but have now gone into a much flatter channel that is more sustainable. Those really steep sell offs that happened earlier are usually not sustainable for very long.
There is a large overhead gap on the chart, and prices may attempt to fill that gap at some point. As of now, that gap looks really unobtainable, but never say never in this market. Prices could turn and trade up at any time, so keep that in mind.
A quick look at the daily chart and you can see prices are bouncing off of a long term trendline, and that could lead to a bounce at any time if that trendline holds. It wouldn’t surprise me if we trade through it momentarily and possibly close back inside the channel before the day is over. I’m not saying that will happen, but it is a distinct possibility the way this market has been rallying lately. Prices needed to relieve some of the overbought pressure, and this appears to be happening as I am typing.
For now, the trend and bias are both down, but as discussed, that could change at any time, so stay alert and vigilant and follow the price action wherever it may take you.
