Mack’s Mid-Morning ES Price Action Chart 01-14-2025

Prices look range bound today with mixed trading. As I stated yesterday, it appears we are now moving into a bear phase with the market, although we got extremely oversold in the ES, so a rally day was not a real surprise yesterday, as we needed to relieve some of the oversold pressure. If we don’t get any follow through buying today, that could mean that the market can only muster up enough buying to work sideways for a bit, and that is not a good sign and could mean we are going much lower in the near future.

For now, prices are mixed and sideways, so trade accordingly until something changes with the chart. Just remember that even in the worst bear markets, prices can rally strongly and further than you would expect as things will often get oversold very quickly. That sometimes leads to really strong rallies, but they usually do not last and only give traders false hope. Do not get fooled by those. As day traders, it does not affect us as much, as we will not carry our trades overnight, so when you get a strong rally or strong sell off, just get your part of it and pack up and go home and see what tomorrow brings. 🙂