Mack’s Mid-Morning ES Price Action Chart 01-11-2024
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The trend and bias have been down this morning, but I already see two measured legs down and prices are attempting to come back and test the lower breakout area of the range. Maybe prices have bottomed for now, but maybe not as well. I would guess that we will see more mixed trading no matter where prices go from here. Lately after an early sell off we have been seeing more sideways and mixed trading from that point on during the day, so watch for that possibility.
For now, the trend and bias are down, but that could be changing, so let the price action dictate your decisions from here. Prices are most likely attempting a retest of the 4806.50 support level that was just broken. If prices are able to garner up enough strength to rally back up and retest that price level, what happens from there will likely dictate how the rest of the day goes. If prices can’t make that level, we will either see more sideways action, or the down trend will re-establish again.
