Mack’s Mid-Morning ES Price Action Chart 01-02-2024
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Welcome back and Happy New Year to all. While it has been about two weeks, it seems like I just left for my Holiday vacation, so time continues to fly by. Prices pushed higher while I was out, but it looks as if prices corrected some the last few trading days.
There was a bit of a selloff during the overnight hours last night, but prices are mostly sideways since the regular session opening. There is an overhead gap on the chart due to the overnight drop, so prices may attempt to fill that gap before the day is over. The first target to the upside would be 4797.00, followed by the closing price on 12-29-2023, which was 4813.50. These targets are assuming that prices do indeed attempt to fill the overhead gaps, which is not a given at this point. If prices do start trending higher, these would be some target prices I would pay attention to once prices reach them.
For now, prices are just chopping sideways, so be careful entering in tight congestion or tight ranges, as you can get chopped up easily. I would call things mixed and sideways for now with a slight downward bias for the moment, although that could change at any time.
Welcome to 2024. If 2023 was not a profitable year for you, it is my hope that 2024 will be the year you turn the corner and change your trading for the better. Happy New Year and good trades to each of you!
