Mack’s Mid-Morning ES Chart 11-18-2025

A couple of items of note on the daily chart this morning. 1. Prices continued to trend lower overnight and into the opening this morning, allowing prices to create a new low on the retest and also create an oversold trigger on the Envelope Bands. 2. Prices have also made an almost perfect measured move down now on two-legs. I make note of all of this because we now have what we need to see prices reverse back up for a retest of the highs of the long-term trend on the daily chart.

This all could be signaling one last big rally before the party ends so to speak. Of course nothing is written in stone, so anything can and might happen, but we are getting hints of an end to this bull run, although there is likely at least one more big runup coming before the party ends.

Prices can obviously continue to push lower today, as things appear to be very bearish for now. However, just do not get caught off guard if prices find support at some point and start working higher. Expect mixed trading and take note of the large overhead gap that needs filling at some point. That gap target would be up at 6697.25 should prices start rallying. That seems like an unlikely stretch for prices to reach today, but anything is possible. I am still leaning towards a bit more downward action as prices try and make a measured move based on the width of the early range. That target would be down around the 6600 price-level. For now, the trend and bias are down.