Mack’s Mid-Morning ES Price Action Chart 08-16-2024

Prices appear to be range bound so far this morning. After trending lower during the overnight session, prices had a lower regular session opening and then rallied to fill the gap from yesterday’s close rather quickly. If prices turn lower and start trending down from here, watch for a possible measured move down. If they continue to trade higher, the next target would be the overnight highs.

Prices are starting to become overbought on this recent rally, so a correction or a sideways day at a minimum would not be out of the question. For now, the trend and bias are still slightly up, but that will change back and forth during the trading day if this turns out to be a range day.

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