Mack’s Mid-Morning ES Chart 02-20-2025

There are no news items today to worry about, but the market has seen a nice correction already today. I see a two-tiered down channel that is still in play as I am writing up this morning’s report. Although there is a break of the trend line now, a retest of the lows is still a strong possibility. If you look at the daily chart, prices turned down, right off of the resistance line, exactly where you would expect that to happen. Since that point in time, prices have mostly trended lower.

I do now see a break of the large two-tiered downtrend’s trendline, but a retest of the lows is likely still. Things could get choppy and mixed from here but watch for prices to possibly turn lower again working on a retest. Stay with the upward Cyan correction as long as it remains in play but be aware that prices could turn lower again at any point in time. Stay flexible, as mixed trading and even another reversal is possible before the day is over.

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