Mack’s Mid-Morning ES Chart 02-05-2026

The trend is down and down strongly this morning. Prices are easing into oversold territory, but that doesn’t mean they will reverse right away. We could still see more downward movement, and prices can stay oversold longer than you would expect. Just follow the price action and let it show you what it wants to do.

The biggest mistake is trying to pick a bottom or getting short right into the lows. Wait on corrections and then try and re-enter with the trend. Once you get a break of the main trendline and a new low in place, scrutinize any new with trend entries and wait on a confirmed trend in the opposite direction before trying to get long.