Mack’s Mid-Morning ES Price Action Chart 01-13-2025

Prices started out lower again today but have rallied mildly off of the lows. There is a two-tiered channel working higher, but there was what looks to be an overshoot of that channel, which could mean we are headed lower again now. The uptrend was very mild with mixed trading anyway, so a reversal back to the downside again would not be out of the question.

There is an overhead gap on the chart up at 5861.50. Prices may attempt to fill that gap at some point today, so be aware of that possibility and if prices start trending higher again, that is a possible target to the upside. For now, prices are mixed and could go in any direction today. There are no news items that could cause any quick and volatile changes today.

Looking at the Daily Chart, the long-term uptrend channel was broken a while back and prices have retested those highs and now turned lower. It took a long time to put in a new and final high, but I think we have to consider the possibility that the rally is over, at least for the moment. The daily chart indicates we are now in a downtrend, so keep that in mind. Always follow the price action but take note that the daily chart is showing we are now in a down trending market. That does not mean you cannot or will not see strong rally days again, but in the big picture, the market is now bearish.

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