Mack’s Mid-Morning ES Price Action Chart 01-06-2025

Welcome back to a new year of trading. I hope everyone had an enjoyable break and holiday season. Happy New Year to each of you! As you would expect, I am way behind from being away for over two weeks, so it will take me a day or two to catch up. Please be patient if you are waiting on a reply of some type.

We are starting out with a nice rally this morning. Prices opened higher this morning and have rallied since, leaving a large gap on the chart. Should prices turn lower in an attempt to fill that gap, that target would be down at 5985.25. There are no major news announcements today, so there should be no surprise news moves.

I see a large spike and channel (the Cyan colored channel). It appears to still be in play, but things could change at any point. Until there is some change, respect that channel and stay with the uptrend. For now, I would say the bias and trend are both up, so stay with that until the chart shows you otherwise.

Welcome back and I look forward to a great and profitable new year for everyone!