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

Prices are rallying to new highs again this morning. While I do see a break and a move to a new high on a retest, that does not mean prices will not or cannot reestablish another trend and continue higher. Note that the rally has left an overhead gap on the chart, so if prices should attempt to fill that gap, that target is down at 7225.25. That feels like an impossible task to fill that gap right now, but never rule it out, as we have seen crazier things happen.

For now, the trend and bias are still mildly up, but that feels like it could be changing. Expect times of mixed trading no matter how the day plays out in the end. If a new upward trend does not establish itself shortly, we could see prices correct in an attempt to fill the gap, so stay flexible and go with what the chart is telling you.