Mack’s Mid-Morning ES Price Action Chart 08-21-2024
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First off, my apologies on the YouTube chart lesson yesterday. I am not sure what happened to the sound. That issue has popped up in the past, and it usually is because of some issue with my wireless headphones, so I am guessing that was the culprit. I will check double check it today to be sure everything is working properly.
This was looking like it would be a range day, but prices just broke higher as I was typing this up. A glance at the daily chart shows a pullback to the midline, which was expected at some point, so it is possible prices will rally further now. Prices are very overbought, so things could get wild before this day is over.
This is an FOMC announcement day as well, so be flat around 12 Noon CST, as you do not want to get caught up in any FOMC news release. Once that comes out, give prices time to settle down before trading again. In most cases, any news move will be taken back within the first hour after it happens, and the market will usually reset from there. Nothing is 100%, but that is usually the case.
For now, this market is screaming higher but be careful getting long at any highs. Follow the strategy and wait on corrections with good setups. My target to the upside is to at least test the previous highs on the daily chart. That seemed like a stretch only a week ago, but it is certainly within reach now. Expect mixed trading and do not get caught up in any wild moves that can quickly reverse and stop you out. Trade wisely!
