Mack’s Mid-Morning ES Chart 02-25-2025

I am posting this a bit early this morning because I have a dentist appointment I have to attend. I figured early was better than later.

Prices turned up right off of the support of the smaller channel on the daily chart, and while it did look as if that was going to hold, prices have now pushed lower, so it is very possible prices are now going to test the support of the larger channel on the daily chart. That would give us a target somewhere around 5900.00 and maybe down into the 5800.00’s.

We will just have to see if the higher support on the daily chart will hold or not, as prices did fail on the breakout for now. Most all breakouts fail, even if only temporarily, so we now wait to see if this is a temporary breakout or if the breakout will continue trending lower. There is no news today of consequence, so no worries about a surprise news event creating a big move today.

There is also a possibility that there is a larger two-tiered channel working lower. The early range fit well, but it is very possible we have a larger down channel in play as well, so watch the larger blue channel and if it continues to hold prices, respect it.

For now, the trend and bias continue to be down. Prices could rally at any point, but it now appears we are in a correction and headed to test the previous lows of the larger range on the daily chart. Stay with the price action and let it show you what it intends to do.