Mack’s Mid-Morning ES Price Action Chart 01-10-2025

My area is being hammered by a large winter storm today, and more snow is predicted for later today. If you live in the South or have ever visited in the winter, you know that we do not have the capability or the knowledge to deal with large amounts of snow. lol Everything just shuts down and people stay home for a day or two until things clear up again. Snow is so rare here, that we only get a day or two of it per year, every few years, so they do not invest in the equipment to handle it, and I get why. It would be a large expense for something you rarely use.

Anyway, my point is that everything is shut down here today due to the storm. I have a 4-weel drive vehicle, so I came in this morning all the same. I do plan to leave early though, so I will post the mid-morning chart, and I may take another trade or two if I see a good one, but I will be leaving by lunch today.

The 7:30 AM CST unemployment report this morning sent the market racing lower. An unexpected drop signals a lesser opportunity for the Fed to lower rates any further, so that spooked the markets and sent prices lower. After a 100-point drop, the market found support and is now trending higher. The fast drop left a large gap on the chart, and if prices were to attempt to fill that at some point today, that target is up at 5954.75. Thats seem a stretch, but I have seen it happen many times in the past. If prices start trending strongly to the upside, watch for that price level as a possible target.

For now, the trend and bias are up, but that might only be a correction in a larger downtrend. I think we have to consider that the market has topped for the moment and that we are possibly in a correction for now. The market is oversold again, so a bounce at a minimum should come soon. That may or may not occur today, so follow the price action and trade accordingly.

If you live in the South and are experiencing this winter storm today, stay safe. I hope everyone has a good weekend and I will see you on Monday.