Mack’s Mid-Morning ES Chart 08-01-2025

So far, we have seen continued selling and downward pressure today. Prices have found a bottom for the moment, but we will have to see if it is a momentary low, or if the low for the day is now in place. There is a large overhead gap on the chart, and if prices are to fill that gap today, that would mean a large rally could be coming before the end of the day. That target is up at 6368.75, and while that seems a stretch to fill now, the market proves us wrong over and over. If prices start rallying, that is always a possible target to the upside.

Note on the current uptrend channel, I am guesstimating the high of that channel, as we just got a possible overshoot on the high side. If it is not an overshoot, then what I was using as the high side is actually the mid-line, but we need more price action to know for certain. Just watch that channel for now and adjust as needed as the day progresses.

For the moment, I would say the bias is up, but that could change and turn lower again before the day is over, so stay flexible and follow the price action wherever it leads you. The volume has really picked up today as well, but it is August 1, so we would normally expect things to start picking up into the Fall as school starts back and summer vacations come to an end.