Mack’s Mid-Morning ES Price Action Chart 10-31-2024

The trend and bias are both down so far this morning. I do see a break of the large two-tiered down channel now though. I also see a successful retest of the lows, so we could see a bounce or correction at any point.

Watch for the possibility of another down channel forming at some point if prices do not start trending higher soon. Note that there is a large overhead gap on the chart that prices may attempt to fill sometime today as well. That target would be up at 5845.25.

For now, prices are still bearish, but that could be changing as I am typing up this report, so stay flexible and follow the price action.