Mack’s Mid-Morning ES Chart 03-05-2025

Prices are mixed and choppy so far, but there still seems to be more of a bias to the downside than to the up. I would call this a range for now, but that could change as the day progresses. The early unemployment news had little effect on volatility, and the PMI news appeared to be a dud as well, as the large rally just prior to that news announcement was based on the break below the overnight lows that failed quickly.

A lot of buying came in on that break lower, so there appears to be some support there for now. We will have to see if it continues to hold or if it will give way and prices will push lower. Looking to the daily chart, you can see that the market is still extremely oversold. Unfortunately, the market can remain oversold for longer than you might think, so while a correction is likely coming soon, timing that can be difficult at best on a daily bar chart.

Just know that we are overdue for a bounce at a minimum and stick to the 2000 tick chart to make your trading decisions. For now, I am calling the bias slightly down to mixed.

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