Mack’s Mid-Morning ES Price Action Chart 01-08-2024
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UPDATE at 10:00 AM CST: Prices did indeed push through my upper trend channel line, so here is guesstimate #2 as to where that upper line might be located.
The market is rallying this morning, although it has not pushed higher in a consistent channel. We have seen prices fold over into different and flatter trends, but prices do continue to push upwards, so stay with the trend as long as it remains in place.
I have guesstimated the upper side of the lighter blue channel based on what price action I have for now, so that could change, although it looks good for now and appears to be accurate. Time will tell for sure, so if it the upper trend channel line does not hold, you might need to adjust that channel somewhat.
For now, the trend and bias are up, so stay with the trend as long as it remains in play. Mixed trading is still very possible, and prices could turn on a dime in either direction. There are no scheduled news items today to excite or spook the market, but that does not mean we won’t see volatility at some point. Be vigilant and always follow the price action and our entry and exit rules. Do not fudge the rules!
