Mack’s Mid-Morning ES Chart 03-07-2025

Today looks to be mixed with a bearish tone so far. The unemployment news this morning set off some temporary fireworks, but prices took it all back plus some in only minutes. Remember, big news spikes rarely hold. Prices almost always take them back before the day is over, and usually rather quickly. That’s not 100%, but it happens at a very high rate, so always expect that to happen.

For now, I will call this a range with mixed trading. Prices remain very oversold, so a bounce could come at any time. Many traders may choose not to hold a position through the weekend, so we could see some movement before the end of the day. As I am typing, prices are making new lows again today on the Daily chart, so someone is still unwinding their positions, and the selling is not over just yet.

Follow the price action and do not get lulled to sleep. Expect big and fast moves in both directions at times. There is a breakout below the lows of the range as I am typing. If this breakout holds, prices could go even lower. A failure is very possible though, and that could lead to another rally. Just follow the price action and go where it takes you. Do not get locked into either direction, just go with the flow. The bias is mixed to down for now.